Cryptocurrencies resumed their decline at the start of trading on Monday, February 9th, continuing the sharp sell-off that began last week before rebounding towards the end of Friday. Bitcoin recovered to the $70,000 level after hitting its lowest point since October 2024 at $59,000, rebounding 10%. However, the decline resumed at the start of the week, with expectations that the markets have yet to find real support.

Some reports indicated that the rebound in cryptocurrencies, which exceeded 10% for most currencies at the end of last week’s trading, was a result of short covering amidst a decline in investor sentiment to its lowest level in three years.

In related news, the South Korean Financial Supervisory Service announced this morning that the error in distributing more than $40 billion worth of Bitcoin through the local exchange Bithumb highlights the need for stricter regulations to address the vulnerabilities of cryptocurrencies.

Bitcoin is trading at $68,945,958, down approximately 2.48% in midday trading, with its market capitalization falling to $1.368 trillion. Ethereum, the second-largest cryptocurrency, is down about 3.74%, trading at $2,015, with a market capitalization of $243 billion.

XRP (X-R) is also down today, by about 4.03%, trading at $1.37, with a market capitalization of $83 billion.

Dogcoin is down about 4.52%, trading at $0.0926, with a market capitalization of $15 billion. Cardano is down about 4.40%, trading at $0.2598, with a market capitalization of approximately $9 billion.

Solana is losing about 4.33%, trading at $83 with a market capitalization of $47 billion, while TRON is declining and recording a loss of 0.33%, trading at $0.2772 with a market capitalization of $26 billion.