Bitcoin has lost more than $2000. Saxo analysts do not consider it a "massive capitulation"

Bitcoin fell sharply in price on February 11: the leading cryptocurrency lost almost $2500 of value. The price fell by 3.5%, Yahoo Finance shows. The second most capitalized cryptocurrency, Ethereum, collapsed by about the same amount.

The drop came ahead of the release of key U.S. jobs data scheduled for today, which will be followed by Friday's CPI inflation report, important for the U.S. Federal Reserve, MarketWatch notes.

"In a broader context, the market is in a consolidation phase rather than a pronounced trend as investors await clarity on inflation and interest rates," Saxo Bank analysts said, while they emphasized that the iShares Bitcoin Trust and iShares Ethereum Trust exchange-traded funds recorded inflows on Feb. 10. "This combination suggests selective investor interest rather than mass capitulation," the bank added.

Shares of crypto platform Coinbase Global were down more than 4 percent on the premarket, while securities of Strategy, which is the largest corporate holder of bitcoin, fell 3.3 percent.

This article was AI-translated and verified by a human editor