On February 5th, the cryptocurrency market continued to be under pressure. Bitcoin's price dropped below $70,000 on Wednesday, hitting a new low since Donald Trump was elected President of the United States. Over the past 24 hours, major altcoins including Ethereum (ETH), BNB, Ripple (XRP), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) all declined by 6% to 10%, and market panic has significantly increased. According to Coinglass data, in the past day, the global crypto market liquidations exceeded $800 million, with 165,000 traders facing liquidations. The largest single liquidation on the Hyperliquid platform reached $11.36 million. Options trading for Bitcoin and Ethereum shows increased downside risk, with the 25 delta skew decreasing, indicating that the short-term bear market may continue. Glassnode data shows that the three-day moving average of net realized profit and loss decreased by $317 million daily for the first time since 2022, indicating reduced liquidity and market pressure.

Crypto expert expects the price of ADA to hit $1.75 soon. The price of ADA has steadily climbed higher over the past few weeks.  Analyst says ADA could hit a new ATH if the rally gains momentum. The prices of promising crypto assets have been declining over the past couple of weeks,