Crypto Market Volatile, Bitcoin Holds at $68,600

Cryptocurrency markets moved in fluctuations over the past 24 hours, with most top digital assets still in the red. According to CoinMarketCap on Wednesday, 4 February 2026, at 08:30 WIB, Bitcoin (BTC) was trading at $68,647.33, down 0.54%. Pressure also weighed on other large-cap crypto assets. Ethereum (ETH) fell 2.16% to $1,987. Meanwhile, BNB declined 0.42% to $634.89, and XRP corrected 1.64% to $1.366. TRON (TRX) also weakened by 1.31% to $0.2794. On the other hand, several assets showed resilience. Solana (SOL) rose 1.19% to $87.67. Stablecoins such as Tether and USD Coin remained relatively stable around $1. The escalation of the Iran–Israel conflict is affecting global financial markets. When investors sought safe-haven assets such as gold and the US dollar, crypto markets were dragged into sharp volatility. Tokocrypto CEO Calvin Kizana said the initial market reaction suggests crypto has not yet fully functioned as a classical safe haven like gold. At the outset of the Israeli and US strikes against Iran, crypto market capitalisation briefly fell sharply before reversing. “The initial market reaction shows that crypto has not yet fully functioned as a classical safe haven such as gold. When the attacks occurred, crypto market value was eroded sharply before recovering,” he told Kompas.com. “So, rather than a permanent slump or immediately becoming the primary hedging asset, Bitcoin is currently in the middle, still sensitive to turmoil, but supported by a foundation of demand that is beginning to strengthen,” he said.