Bitcoin’s value falls below $63,000 following IBM’s worst performance in 25 years.
February 24, 2026
Bitcoin experienced a significant price drop below $63,000 on Monday night, leading to a broader downturn in the cryptocurrency market, which now stands at $2.25 trillion. This decline impacted other major cryptocurrencies as well, with Ethereum and XRP both dropping over 2% in the past 24 hours. The market saw forced unwinds totaling more than $275 million, stemming from the closure of long positions.
The catalyst for this downward trend was IBM’s stock, which suffered a dramatic 13.15% plunge on Monday, marking its most substantial single-day decline in 25 years. The drop followed an announcement from Anthropic regarding its Claude code, which has the capability to automate IBM’s COBOL modernization, raising concerns about potential workforce replacements.
As a result of IBM’s stock decline, the cryptocurrency market experienced a ripple effect, with Bitcoin’s price falling to around $62,900, triggering $370 million in liquidations across the crypto market. CoinGlass data revealed that leveraged bets worth nearly $370 million were eliminated in the past 24 hours, with a substantial portion of that amount attributed to long positions, totaling over $275 million.
Investor sentiment surrounding IBM shifted noticeably, with retail sentiment moving from ‘bearish’ to ‘extremely bullish,’ while message volume soared from low to extremely high levels on Stocktwits. The concerns raised by Anthropic regarding the potential displacement of IBM’s workforce through the automation of COBOL modernization processes were a primary driver of the stock’s decline.
The broader cryptocurrency market mirrored Bitcoin’s downturn, with Ethereum, Solana, and XRP all experiencing price declines in the last 24 hours. Ethereum’s price fell by 2.3% to $1,818, while Solana’s price dropped by 1.5% to approximately $76.38, and XRP declined by 1% to $1.32. Analysts had warned of a potential further correction for Ethereum if its price remained below $2,000, while Ethereum, Solana, and XRP saw various levels of bearish sentiment.
Overall, this recent shakeup underscores the interconnectedness of traditional markets and the cryptocurrency space, as developments in one sector can have significant implications for the other. The market fluctuations resulting from IBM’s performance highlight the importance of monitoring a wide range of factors and staying informed about evolving trends across multiple sectors to make informed investment decisions.
