Bitcoin’s value drops to $65,000 during weekend sell-off, with Solana, XRP, and Dogecoin all down by 6%.
February 28, 2026
Bitcoin made a valiant effort to regain the $70,000 mark earlier in the week, but this upward trend was short-lived, lasting only around 48 hours. The leading cryptocurrency slid down to $65,735 in the early hours of Saturday in Asian trading, experiencing a 3% decrease over the past day and a 2.8% drop throughout the week. The rally on Wednesday, which almost reached $70,000, has now retraced over half of its gains as overall market sentiment soured during Thursday and Friday’s U.S. sessions.
The alternative cryptocurrencies, or altcoins, faced even harsher losses during this period. Solana saw a decline of 6.7%, ether dropped by 6.2%, dogecoin lost 5.1%, and XRP shed 4%. These losses caused most major tokens to end the week in red, erasing the outperformance that altcoins had shown at the beginning of the week. BNB managed to fare slightly better with only a 2.5% decrease.
The trigger for the downward trend was a familiar one. The U.S. market saw the S&P 500 close down by 0.4%, the Nasdaq 100 drop by 0.3%, and the Dow fall by 1.1% on Friday. Nvidia, still digesting its post-earnings reaction, experienced a further 4.2% decline. Additionally, a 0.5% increase in producer prices signaled inflationary pressures, potentially delaying any rate cuts by the Federal Reserve. Block Inc.’s significant layoffs contributed to a broader sense of uncertainty, raising concerns that artificial intelligence could be displacing jobs across various sectors rather than creating them.
In line with the overall equities market, the crypto market followed in a downward trend, but with even more intensity. A small drop of 0.4% in the S&P translated to a 3% decrease in bitcoin and a more than 6% drop in altcoins. The leverage that re-entered the system after Wednesday’s rally got swiftly flushed out as prices fell back down.
Despite strong institutional flow data during the week, with U.S. spot bitcoin ETFs adding $1.1 billion in three days – marking their best week in months – these inflows were not enough to counter the broader macroeconomic headwinds. The CEO of bitcoin finance firm BOB highlighted that the over-analysis of short-term price movements is usually misguided, noting that volatility in bitcoin is not surprising for early investors who have experienced previous cycles. The difference this time lies in the type of capital backing the emerging asset class.
Looking ahead, the uncertainty remains as bitcoin once again finds itself trapped in the $60,000-$70,000 range it has been in since the crash on Feb. 5th. The top of this range appears to be acting as resistance after Wednesday’s rally, leaving the question open as to whether the bottom of this range will hold as we enter March.
