Jakarta – Cryptocurrency markets experienced a broad-based sell-off on Monday, February 23, 2026, impacting not only Bitcoin (BTC) but also a wide range of altcoins and even meme coins. The downturn signals a shift in market sentiment and raises questions about the sustainability of the recent rally.
Data from Coinmarketcap at 11:10 WIB (Western Indonesian Time) showed BTC shedding 4.62% of its value over the past 24 hours, trading at US$64,923, equivalent to approximately Rp 1,090,000 (based on an exchange rate of Rp 16,800 per US dollar). This represents a sharp decline from the US$68,124 level recorded earlier in the day at 07:05 WIB.
The weekly picture is also negative, with BTC down 5.81% since February 16th, when it peaked at US$69,713. This decline follows a period of significant gains, suggesting a potential correction is underway.
The weakness extended beyond Bitcoin. Ethereum (ETH) saw a correction of 5.61% over the last 24 hours, falling to US$1,863, down from US$1,980. BNB and Solana (SOL) also experienced significant losses, declining by 5.14% and 8.88% respectively. BNB currently trades at US$589.70, down from US$624.38, while SOL has fallen to US$77.59 from US$85.28.
Even meme coins were not immune to the selling pressure. Dogecoin (DOGE) dropped 4.79% over the past day, reaching US$0.09262. Stablecoins, typically less volatile, showed relative stability, with Tether (USDT) trading at US$0.9996.
This broad-based decline comes amidst growing concerns about macroeconomic conditions and a potential shift in risk appetite. According to a report from Bitunix, published on February 6, 2026, the market crash was amplified by liquidation cascades, reduced liquidity, and a sudden shift in market sentiment. The report highlighted Bitcoin’s 16% weekly decline, briefly trading near $63,000 before stabilizing around $70,000, and Ethereum’s more aggressive 24% drop as leverage unwound.
The February 2026 crypto crash, as detailed in a Medium article, saw Bitcoin lose 44% of its value from its October peak. The Fear & Greed Index, a measure of market sentiment, plummeted to 11, indicating extreme fear among investors. This suggests a significant degree of panic selling may be contributing to the current downturn.
The current situation echoes patterns observed in previous cryptocurrency cycles. Wikipedia details several historical bubbles and crashes, including significant corrections in 2011, 2013-2015, and 2017-2018. The 2018 crash, often referred to as the “Great Crypto Crash,” saw cryptocurrencies collapse 80% from their peak, exceeding the 78% decline experienced during the dot-com bubble. These historical precedents underscore the inherent volatility of the cryptocurrency market.
The recent drop in Bitcoin to $67,000, as reported by CoinDesk, was also linked to renewed concerns surrounding potential tariffs proposed by former President Trump. This highlights the sensitivity of the cryptocurrency market to geopolitical and macroeconomic factors.
The Bitunix report emphasizes that altcoins are particularly vulnerable during fast-moving sell-offs due to thinner liquidity and higher leverage exposure. XRP declined by approximately 15%, while Dogecoin experienced sharp single-day drops of nearly 7% during peak risk-off conditions, illustrating this point. This suggests that investors are moving towards safer assets, such as Bitcoin, during times of uncertainty.
A recent report from Cryptorank.io, published February 23, 2026, noted that Bitcoin’s fall below $65,000 coincided with unexpected strength in U.S. Treasury yields, which often puts pressure on risk assets. The report also pointed to increased sell-side liquidity near the $65,100 mark and thinning buy orders below that level, accelerating the downward momentum.
The current market conditions serve as a reminder of the risks associated with investing in cryptocurrencies. While the long-term potential of digital assets remains a subject of debate, the recent volatility underscores the importance of careful risk management and a thorough understanding of market dynamics. Investors should be prepared for further fluctuations and avoid making investment decisions based solely on short-term price movements.
The situation warrants close monitoring as market participants assess the underlying causes of the sell-off and its potential implications for the broader financial landscape. The interplay of macroeconomic factors, regulatory developments, and investor sentiment will likely determine the trajectory of the cryptocurrency market in the coming weeks and months.
