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Crypto firm accidentally sends $40 bn in bitcoin to users
By AFP
February 7, 2026
South Korean crytocurrency exchange Bithumb said it accidentally sent $40 billion worth of bitcoin to users - Copyright AFP/File Jung Yeon-je
A South Korean cryptocurrency exchange apologised on Saturday after mistakenly transferring more than $40 billion worth of bitcoin to users, which briefly prompted a selloff on the platform.
Bithumb said it accidentally sent 620,000 bitcoins, currently worth more than $40 billion, and blocked trading and withdrawals for the 695 affected users within 35 minutes after the error occurred on Friday.
According to local reports, Bithumb was meant to send about 2,000 won ($1.37) to each customer as part of a promotion, but mistakenly transferred roughly 2,000 bitcoins per user.
“We sincerely apologise for the inconvenience caused to our customers due to the confusion that occurred during the distribution process of this (promotional) event,” Bithumb said in a statement released Saturday.
The platform said it had recovered 99.7 percent of the mistakenly sent bitcoins, and that it would use its own assets to fully cover the amount that was lost in the incident.
It admitted the error briefly caused “sharp volatility” in bitcoin prices on the platform as some recipients sold the tokens, adding that it brought the situation under control within five minutes.
Its charts showed the token’s prices briefly went down 17 percent to 81.1 million won on the platform late Friday.
The platform stressed that the incident was “unrelated to external hacking or security breaches”.
Bitcoin, the world’s biggest cryptocurrency, sank this week, wiping out gains sparked by US President Donald Trump’s presidential election victory in November 2024.
Why bitcoin is losing its luster after stratospheric rise
By AFP
February 6, 2026
Digital currencies soared after Donald Trump's return to the White House last year - Copyright AFP SEBASTIEN BOZON
Alexandra BACON and Lucie LEQUIER
Bitcoin, the world’s biggest cryptocurrency, sank this week, wiping out gains sparked by Donald Trump’s presidential election victory in November 2024.
The digital currency slumped to $60,033.01 on Friday before trimming losses, and is down around half from its October peak above $120,000.
AFP explains why prices have fallen.
– End of Trump rally –
Digital currencies soared after Trump’s election victory as he was widely viewed as a strong supporter of the technology.
He publicly celebrated bitcoin crossing $100,000 for the first time in December 2024.
But the rally suffered a sharp setback in April after Trump announced sweeping US tariffs, rattling markets worldwide.
Bitcoin later resumed its march higher along with stocks and other markets, and hit a record of $126,251.31 six months later.
But enthusiasm has faded as investors grow impatient over regulatory uncertainty.
While the US Congress passed a law in July to regulate stablecoins — a form of cryptocurrency backed by traditional assets — a broader crypto bill, the Clarity Act, has stalled in the Senate.
“A key test for Bitcoin’s ability to sustainably recover will be the passage of the Clarity Act,” said Deutsche Bank analysts Marion Laboure and Camilla Siazon.
– Domino effect –
The recent slide in precious metals like gold and silver — as investors locked in profits after their meteoric rise — was one of the main triggers for bitcoin’s slump.
That pullback sent many investors rushing to sell cryptocurrencies and other risky assets to help raise cash.
“This break is not happening in a vacuum, but in a context of widespread mistrust,” said John Plassard, head of investment strategy at Cite Gestion Private Bank.
“Volatility in technology and precious metals is fuelling a global movement to reduce risk.”
The sell-off has been intensified by forced deleveraging, as investors who borrowed money to bet on bitcoin’s rise are forced to sell when losses mount, pushing prices lower.
– Tech contagion –
Cryptocurrency declines gathered pace this week as investors sold tech stocks on renewed concerns over an artificial intelligence bubble.
Analysts noted that bitcoin and AI-related stocks often move in the same direction.
“In recent years, liquidity has flowed across digital assets and advanced tech stocks at the same time,” said Kathleen Brooks, research director at trading group XTB.
“This means that both asset classes share a tight financial link.”
Michael Burry, the entrepreneur who gained fame for spotting the 2008 subprime mortgage crisis, fanned fears on Monday as he flagged a possible “death spiral” for bitcoin.
– Crypto firms in focus –
The downturn has raised questions about the viability of digital asset treasury firms, which stockpile cryptocurrencies in a bet that prices will keep rising.
Many of these firms are “sitting on significant unrealised losses,” said Charlie Sherry, head of finance at BTC Markets.
If these firms are forced to sell their bitcoin holdings to stay afloat, it could flood the market and amplify a downward spiral in prices.
Shares in Strategy, which holds more than 713,000 bitcoins, plunged more than 17 percent on Friday after it reported a $12.4 billion net loss linked to crypto declines.
And US cryptocurrency exchange Gemini announced Thursday that it would slash roughly a quarter of its workforce and withdraw from several international markets amid the downturn in digital assets.
By AFP
February 6, 2026
Digital currencies soared after Donald Trump's return to the White House last year - Copyright AFP SEBASTIEN BOZON
Alexandra BACON and Lucie LEQUIER
Bitcoin, the world’s biggest cryptocurrency, sank this week, wiping out gains sparked by Donald Trump’s presidential election victory in November 2024.
The digital currency slumped to $60,033.01 on Friday before trimming losses, and is down around half from its October peak above $120,000.
AFP explains why prices have fallen.
– End of Trump rally –
Digital currencies soared after Trump’s election victory as he was widely viewed as a strong supporter of the technology.
He publicly celebrated bitcoin crossing $100,000 for the first time in December 2024.
But the rally suffered a sharp setback in April after Trump announced sweeping US tariffs, rattling markets worldwide.
Bitcoin later resumed its march higher along with stocks and other markets, and hit a record of $126,251.31 six months later.
But enthusiasm has faded as investors grow impatient over regulatory uncertainty.
While the US Congress passed a law in July to regulate stablecoins — a form of cryptocurrency backed by traditional assets — a broader crypto bill, the Clarity Act, has stalled in the Senate.
“A key test for Bitcoin’s ability to sustainably recover will be the passage of the Clarity Act,” said Deutsche Bank analysts Marion Laboure and Camilla Siazon.
– Domino effect –
The recent slide in precious metals like gold and silver — as investors locked in profits after their meteoric rise — was one of the main triggers for bitcoin’s slump.
That pullback sent many investors rushing to sell cryptocurrencies and other risky assets to help raise cash.
“This break is not happening in a vacuum, but in a context of widespread mistrust,” said John Plassard, head of investment strategy at Cite Gestion Private Bank.
“Volatility in technology and precious metals is fuelling a global movement to reduce risk.”
The sell-off has been intensified by forced deleveraging, as investors who borrowed money to bet on bitcoin’s rise are forced to sell when losses mount, pushing prices lower.
– Tech contagion –
Cryptocurrency declines gathered pace this week as investors sold tech stocks on renewed concerns over an artificial intelligence bubble.
Analysts noted that bitcoin and AI-related stocks often move in the same direction.
“In recent years, liquidity has flowed across digital assets and advanced tech stocks at the same time,” said Kathleen Brooks, research director at trading group XTB.
“This means that both asset classes share a tight financial link.”
Michael Burry, the entrepreneur who gained fame for spotting the 2008 subprime mortgage crisis, fanned fears on Monday as he flagged a possible “death spiral” for bitcoin.
– Crypto firms in focus –
The downturn has raised questions about the viability of digital asset treasury firms, which stockpile cryptocurrencies in a bet that prices will keep rising.
Many of these firms are “sitting on significant unrealised losses,” said Charlie Sherry, head of finance at BTC Markets.
If these firms are forced to sell their bitcoin holdings to stay afloat, it could flood the market and amplify a downward spiral in prices.
Shares in Strategy, which holds more than 713,000 bitcoins, plunged more than 17 percent on Friday after it reported a $12.4 billion net loss linked to crypto declines.
And US cryptocurrency exchange Gemini announced Thursday that it would slash roughly a quarter of its workforce and withdraw from several international markets amid the downturn in digital assets.
Bitcoin under $70,000 for first time since Trump’s election
By AFP
February 5, 2026
Bitcoin has fallen sharply in recent weeks as investors pull back from risky assets - Copyright AFP/File DALE DE LA REY
Bitcoin, the world’s biggest cryptocurrency, extended its price slump Thursday to trade under $70,000 for the first time since Donald Trump’s presidential election victory in November 2024.
The digital currency dropped as low as $69,821.18 before climbing back above $70,000.
Bitcoin has fallen sharply in recent weeks as investors pull back from risky assets. It had reached a record high above $126,000 in October.
“Bitcoin continues to suffer… caught up in the broader risk-off mood and geopolitical turmoil that has pushed investors away from riskier assets towards safe havens,” noted Victoria Scholar, head of investment at Interactive Investor.
The volatile cryptocurrency soared after Trump was elected as he was widely viewed as a strong supporter of the sector.
He publicly celebrated bitcoin crossing $100,000 for the first time in December 2024.
However it suffered a sharp setback in April last year, falling below $75,000 after the president’s announcement of sweeping US tariffs rattled global markets.
It went on to reach a record-high of $126,251.31 six months later.
The latest downturn is driven largely by regulatory uncertainty.
While the US Congress passed a law in July to regulate stablecoins — a form of cryptocurrency backed by traditional assets — a broader crypto bill, the Clarity Act, has stalled in the Senate.
Bitcoin’s has been hit also by Trump recently nominating former Federal Reserve governor Kevin Warsh to head of the US central bank.
Warsh, seen by observers as a defender of the Fed’s independence, reassured traditional markets, prompting investors to sell safe-haven assets such as gold and silver, whose prices plunged.
Many investors rushed also to sell cryptocurrencies and other risky assets to help raise cash.
Trump’s close ties to the crypto sector have sparked accusations of conflicts of interest, as he has promoted his own cryptocurrency-related ventures since returning to office.
According to recent Bloomberg estimates, his family’s fortune grew by $1.4 billion last year from digital assets alone.
Just hours before his inauguration in January 2025, the 79-year-old billionaire launched his own cryptocurrency, $TRUMP, which slumped after a blockbuster debut.
By AFP
February 5, 2026
Bitcoin has fallen sharply in recent weeks as investors pull back from risky assets - Copyright AFP/File DALE DE LA REY
Bitcoin, the world’s biggest cryptocurrency, extended its price slump Thursday to trade under $70,000 for the first time since Donald Trump’s presidential election victory in November 2024.
The digital currency dropped as low as $69,821.18 before climbing back above $70,000.
Bitcoin has fallen sharply in recent weeks as investors pull back from risky assets. It had reached a record high above $126,000 in October.
“Bitcoin continues to suffer… caught up in the broader risk-off mood and geopolitical turmoil that has pushed investors away from riskier assets towards safe havens,” noted Victoria Scholar, head of investment at Interactive Investor.
The volatile cryptocurrency soared after Trump was elected as he was widely viewed as a strong supporter of the sector.
He publicly celebrated bitcoin crossing $100,000 for the first time in December 2024.
However it suffered a sharp setback in April last year, falling below $75,000 after the president’s announcement of sweeping US tariffs rattled global markets.
It went on to reach a record-high of $126,251.31 six months later.
The latest downturn is driven largely by regulatory uncertainty.
While the US Congress passed a law in July to regulate stablecoins — a form of cryptocurrency backed by traditional assets — a broader crypto bill, the Clarity Act, has stalled in the Senate.
Bitcoin’s has been hit also by Trump recently nominating former Federal Reserve governor Kevin Warsh to head of the US central bank.
Warsh, seen by observers as a defender of the Fed’s independence, reassured traditional markets, prompting investors to sell safe-haven assets such as gold and silver, whose prices plunged.
Many investors rushed also to sell cryptocurrencies and other risky assets to help raise cash.
Trump’s close ties to the crypto sector have sparked accusations of conflicts of interest, as he has promoted his own cryptocurrency-related ventures since returning to office.
According to recent Bloomberg estimates, his family’s fortune grew by $1.4 billion last year from digital assets alone.
Just hours before his inauguration in January 2025, the 79-year-old billionaire launched his own cryptocurrency, $TRUMP, which slumped after a blockbuster debut.
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