Bitcoin Falls Back Near $65,000 as Coinbase Reports Quarterly Loss Amid Market Selloff

Bitcoin slips back to the sixty-five thousand dollar mark

On February 12, 2026, Bitcoin experienced a notable price drop, sliding down to close at $65,946.64 according to historical data from CoinMarketCap. Just two days earlier, the cryptocurrency had climbed above $70,100, bringing excitement to many traders. This sudden downward turn erased those quick gains and reminded participants how rapidly prices can shift in the digital asset market.

The dip occurred alongside a broader slide in other major cryptocurrencies like Ethereum. Some writers in the old Bitcoin.now report connected this drop to a general slump in technology stocks. In particular, major firms like Apple saw their stock prices slide by nearly 5 percent, which affected investor confidence across many different markets at the same time.

However, events that happen at the same time do not always cause one another. While technology stocks and digital currencies both lost value, other global factors were at play. Investors often react to many different pieces of news at once, making it difficult to point to a single reason for the sudden price movement.

Coinbase reports its first net loss in two years

On the same day, Coinbase Global Inc. released its financial results for the final quarter of 2025. The public filing showed a GAAP net loss of $666.7 million. This announcement surprised many people because the company had recorded positive net income for eight quarters in a row. Consequently, Coinbase shares fell 7.9 percent to close at $141.10 on the NASDAQ stock market.

The old Bitcoin.now report claimed that slow trading volumes caused this loss. However, the company's official shareholder letter paints a very different picture. Coinbase's core trading business actually remained profitable during this period. The big net loss came from non-cash accounting adjustments rather than a failure in day-to-day operations.

Specifically, Coinbase had to write down the value of its own crypto investments and strategic holdings. These accounting adjustments did not mean the company was running out of cash. In fact, its adjusted EBITDA stood at a positive $566 million, showing that the underlying business was still generating money despite the negative headline number.

Why paper losses changed the financial picture

To understand the Coinbase report, we must look at how companies value their assets. According to Morningstar financial reports, Coinbase took a $718 million write-down on its crypto investment portfolio. It also recorded a $395 million loss on strategic investments, including its stake in Circle. These are called non-cash impairment charges.

A non-cash charge is like owning a house that drops in value on paper. You have not sold the house, so you have not lost actual cash, but your balance sheet looks smaller. When we remove these paper losses, Coinbase actually had an adjusted net income of $178 million, showing its trading platform was still busy.

This distinction is important for anyone trying to understand the health of the crypto market. If trading volumes had completely collapsed, it would mean people stopped using the exchange. Instead, the loss came from the falling prices of assets the company held on its books, which is a very different financial situation.

• Coinbase reported a GAAP net loss of $666.7 million for Q4 2025.
• The company recorded a non-cash impairment charge of $718 million on its crypto holdings.
• Strategic investments, including Circle, accounted for a $395 million loss.
• Adjusted net income remained positive at $178 million for the quarter.

Global events affect how investors move money

While some reports blamed technology trends and artificial intelligence fears for the market slide, broader macroeconomic forces were active. During early February 2026, new tariff threats from the United States government created uncertainty for global trade. At the same time, changing expectations about Federal Reserve interest rates made investors more cautious about risky assets.

This caution led to a large wave of liquidations in the wider crypto market. Data from trading platforms showed that $2.2 billion in leveraged trading positions were wiped out in early February. Leveraged trading is when people borrow money to make bigger trades, which can lead to rapid selling when prices begin to drop.

When investors get nervous, they often move their money into safer options. During this period, capital flowed toward traditional safe havens like the United States dollar and government bonds. This shift away from risk affected everything from stocks to precious metals and cryptocurrencies, showing how closely these markets are connected.

Bitcoin falls back near sixty-five thousand as market adjusts

The pullback to $65,946.64 shows how sensitive Bitcoin remains to global financial trends. Some market participants believe that crossing major price milestones triggers automated selling. For example, the legacy report mentions that crossing the $100,000 mark earlier in the year may have prompted some large holders to sell their assets and take profits.

This selling pressure can create a domino effect, especially when paired with news from major industry companies like Coinbase. However, long-term market participants often view these price drops as typical behavior for digital assets. Bitcoin has historically gone through many cycles of rapid rises followed by sharp corrections.

Currently, the digital asset market continues to react to both corporate earnings and global economic policy. Bitcoin miners continue to build candidate blocks and perform proof of work to secure the network, regardless of daily price changes. Investors will likely keep a close eye on upcoming economic data to see where the market goes next.