Cango is the latest publicly traded Bitcoin miner to embrace AI, and it's fueling that push by selling a bunch of Bitcoin.
Even after reclaiming the $70,000 price level following a relief bounce, Bitcoin short-term investors remain bearish about the cryptocurrency’s trajectory in the near term. With the price of BTC facing downside pressure, these investors are reducing exposure by offloading their holdings.
February 9, 2026, 8:00 pmBitcoin and several major altcoins are not out of the woods yet, especially since they continue to face significant selling near their range highs.
February 9, 2026, 7:30 pmThe following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
XRP’s efforts to regain upward momentum following last week’s sharp decline have so far stalled, with $1.50 now rising as the most important price level.
Bitcoin is testing investor conviction as price action narrows between long-term structural support and longer-term upside projections.
Crypto mining companies were in the green due to their pivot to AI.
Bitcoin price more than doubled the last time Tether's crypto market dominance topped out, a signal that is flashing again in 2026.
"What we are experiencing is the weakest bitcoin bear case in its history," wrote Bernstein's Gautam Chhugani.
The research analysts pointed to tight liquidity and macro pressure as drivers of the decline, while noting that spot Bitcoin ETFs have seen relatively modest outflows.
Quick Facts: ➡️ Cango’s $305M Bitcoin sell-off tested market liquidity, but strong absorption indicates the broader bull trend remains intact. ➡️ Capital is rotating from large-cap consolidation into high-beta assets, favoring projects with strong community narratives.
Ross Gerber, a renowned Tesla investor and Co-founder of Gerber Kawasaki Wealth and Investment Management, has identified the primary reason Bitcoin (BTC) fell below $70,000. The CEO has attributed the decline in the leading cryptocurrency and the broader market to the rise of scam tokens and shit coins in the space.
$70,312.00 -0.94%
$1.41T Market Cap
$56.45B Total Volume (4.01%)
$126,080 All Time High -44.23%
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