Bitcoin Below Cost Basis, Credit Card Rate Cap Battle, and Crypto Market Bleeds 250 Billion

February 2, 2026 - Bitcoin sits underwater at $78,171 as Michael Saylor's MicroStrategy trades below its average purchase price for the first time since late 2023. The crypto carnage has wiped $250 billion from the market, with ETF holders underwater and $2.8 billion in outflows over two weeks. Meanwhile, Bernie Sanders finds common ground with Trump on capping credit card rates at 10%, potentially saving Americans $100 billion annually. Palantir's CTO Shyam Sankar argues that Americans are being misled about AI's true potential to enhance workers 50x without replacement. Jupiter lands $35 million and integrates Polymarket onto Solana, while Binance begins converting its $1 billion SAFU fund to Bitcoin. Gold crashes nearly $1,000 from its peak as Kevin Warsh's Fed nomination triggers liquidity concerns across all risk assets. Devon Energy acquires Coterra in a $58 billion deal, and Disney misses earnings despite record theme park revenue. The pre-market snapshot shows Nasdaq futures down, precious metals in free fall, and volatility surging as traders reassess exposure across crypto, equities, and hard assets.

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