bitcoin briefly tumbled below $66,000 twice, as the cryptocurrency market endured yet another volatile trading session. Data reveals that Bitcoin first plummeted by nearly $2,800 in just one hour—dropping from approximately $68,500 to $65,719 at 10:00 a.m. EST—before a quick rebound back above $67,000. However, the recovery was short-lived; the top cryptocurrency slipped back to roughly $65,800 just two hours later.

Bitcoin’s topsy-turvy price action was fueled by a backdrop of conflicting headlines. First reports surfaced that Blackrock moved 600 BTC to a Coinbase Prime address. While often a routine rebalancing, market participants frequently view such moves as a precursor to selling, which adds significant downward pressure.

However, offsetting the gloom was Denmark’s largest lender, Danske Bank, which lifted a crypto ban that had been in place for eight years. The bank cited “increasing customer demand” for digital asset investments and confirmed it would now allow crypto-related transactions, potentially opening the door for new demand in bitcoin and ethereum.

On the same day, it was reported that Binance and Franklin Templeton had unveiled an off-exchange collateral program utilizing tokenized money market funds. This initiative aims to tackle counterparty risk—a primary hurdle for institutional traders—by allowing them to trade on-exchange while keeping their assets in regulated third-party custody.

While bitcoin stayed within a $3,000 intraday range, the sharp movements triggered over $400 million in leveraged liquidations within 24 hours. This was nearly double the $220 million seen in the previous period. During the dip to the $66,000 threshold, bitcoin’s market capitalization fell to $1.33 trillion, dragging the total crypto economy down to $2.35 trillion.

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Interestingly, bitcoin’s 4% slide in 24 hours outpaced the equity markets. The Nasdaq—which often dictates the direction of digital assets—fell by a marginal 0.30%, while the S&P 500 was nearly flat and the Dow Jones dipped by only 100 points.

Observers credited the relative stability of U.S. equities to the release of January employment data. Although the 130,000 jobs added significantly beat projections (which were as low as 55,000), investors interpreted the strong hiring and rising wages as a reason for the Federal Reserve to keep interest rates “higher for longer.” This hawkish interpretation is what may have sent bitcoin tumbling, as higher rates typically dampen the appeal of speculative assets.

While the 2026 data started strong, the report included a massive downward revision for 2025—slashing job growth from 584,000 to just 181,000. According to some reports, this makes 2025 the weakest year for the U.S. labor market since the 2020 pandemic. Still, some analysts argue this underlying fragility will eventually force the Fed to pivot toward rate cuts or liquidity injections later this year—a scenario that historically favors bitcoin.

At press time, via Bitstamp, bitcoin is exchanging hands for $67,607 per coin at 2:15 p.m. Eastern time on Wednesday.