On Monday, the Nevada Gaming Control Board filed a civil enforcement action in the First Judicial District Court against Coinbase Financial Markets, alleging it offered unlicensed wagers on sports event contracts. The regulator is seeking a temporary restraining order and preliminary injunction to halt Coinbase's operation of a derivatives exchange and prediction market tied to sporting bets, shortly after Coinbase announced prediction markets across all 50 U.S. states through a partnership with Kalshi.

On Tuesday, Bitcoin slipped below $73,000 amid rising volatility while US debt remained around $38.5 trillion and the 10-year Treasury yield hovered near 4.28%. Data on the ICE BofA US Corporate Option-Adjusted Spread, currently near 0.75, suggests credit stress may still be underpriced, and past cycles show BTC has often bottomed several months after spreads begin to widen. Onchain metrics also reveal increased whale deposits to Binance and a cooling spent output profit ratio, which some analysts say could precede an accumulation window later in 2026.

On February 3, 2026, crypto-linked equities and major tokens sold off alongside broader tech weakness. According to the report, Galaxy (GLXY) plunged 20%, Coinbase (COIN) fell over 7%, and ETH- and BTC-focused treasuries dropped nearly 10% intraday, while BTC, ETH, and SOL recorded 4%+ daily declines as TOTAL slipped 3%.

On Feb. 3, Bitcoin briefly dropped about 8%, undercutting the $73,000 level before rebounding toward $74,500 and trimming the intraday decline to 5.8%. The move coincided with macro risk-off sentiment tied to Kevin Warsh's Fed chair nomination and disappointing Microsoft Azure growth, while more than $2.5 billion in liquidations and thin weekend liquidity amplified the selloff. Bitcoin is now trading around key support between roughly $72,700 and $73,500, with resistance clustered from about $74,500 up to the $80,620 zone.

Cardano's ADA has dropped back to long-standing support around $0.2775 after one of crypto's ten largest liquidation events, with on-chain and order-flow data pointing to renewed whale accumulation at this level. Technical indicators such as weekly RSI near 30 and a tightening MACD suggest a potential bottom, while bullish projections highlight upside targets around $0.50, $1.35, and even $2 if macro conditions improve, and meme coin traders eye the Maxi Doge presale, which has raised almost $4.6 million with up to 68% APY staking rewards.

Bitcoin (BTC) fell below $73,000 on Tuesday, briefly touching around $72,900, its lowest since November 2024. The token is down roughly 4% in 24 hours and about 15% over seven days, while Ethereum dropped 25% and XRP about 17% week‑on‑week. The sell‑off has widened across major cryptocurrencies.

The European Union is preparing to sign a memorandum of understanding with the Trump administration on a joint rare earth and critical minerals framework aimed at reducing dependence on China. The draft plan outlines a Strategic Partnership Roadmap within three months, including shared supply chains, coordinated pricing tools, stockpiles, and joint mining and refining projects between the US and Europe. It also proposes exclusive trade routes, a common pricing system to counter undercutting, and no export bans between both sides on key minerals.

Bitwise CIO Matt Hougan said the market has been in crypto winter since January 2025 and suggested the downturn may be nearing its end. He noted Bitcoin is down almost 39% from its October 2025 all-time high and Ethereum 53%, while ETFs and DATs bought over 744,000 BTC, providing roughly $75 billion of support.