Bitcoin spirals toward $60,000, heading to worst one-day drawdown since FTX blowup

Bitcoin is experiencing a significant decline, as it heads towards the $60,000 mark. This movement is particularly noteworthy because it appears to be leading to one of the most severe one-day drawdowns the cryptocurrency has faced since the dramatic collapse of the FTX exchange. As investors react to the volatility in the market, concerns about potential losses and the overall stability of cryptocurrency assets intensify, drawing parallels with the tumultuous events surrounding the FTX incident. source: https://www.coindesk.com/markets/2026/02/05/bitcoin-drops-below-usd65-000-heading-to-worst-one-day-drawdown-since-ftx-blowup