Bitcoin experienced its biggest weekly decline in three years, dropping 13% on February 5 and briefly dipping below $61,000 on February 6. Veteran crypto investor Yi Lihua faced a $700 million loss due to liquidations of 400,000 Ethereum. Despite the market crash, a Hong Kong-based fund started buying the dip on February 6, and no major institutional bankruptcies or crises have been reported so far, giving some hope for a quicker market recovery.

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