Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon, today is Thursday, February 5th, and I'm your host, Kim Khan. Our top story so far.

That's the way the crypto crumbles. Bitcoin kept sliding through key levels, falling below 70,000 for the first

time since late 2024, as it continues to take the brunt of risk-off moves. With Bitcoin now knocking

at the door of 65K, it would have to roughly double from here to get back to its all-time

high. And according to data cited by the Kobesi letter, the total digital asset market has shed

more than a trillion dollars in value since January 14th, about $45 billion in losses a day,

and counting.

Echoing Michael Burry's warning that the sell-off could turn into a death spiral, Richard Farr,

chief market strategist at Pivotus Partners, says his price target for Bitcoin is 0.0.

That's not just for shock factor. It's where

the math takes us, he posted. He argued Bitcoin has failed to function as a dollar hedge and instead

trades as a speculative instrument correlated to the NASDAQ. No serious central bank will ever own

something where strategy co-founder Michael Saylor controls the float, he added. Crypto-related stocks are also getting hit hard with Robin Hood, Coinbase, Strategy,

riot platforms, and Hut 8 all under pressure. Among active stocks, Hems and Hurrah's

health is surging on a report the telehealth platform is planning to launch cheaper compounded

versions of Novo Nordisk's Wagovi weight loss drug. The report says Hymns would

roll out its version at an introductory price of $49 a month, about $100 less than the brand name.

Este Lauder is the S&P 500's biggest decliner after issuing full-year revenue guidance below

forecasts. The company said it's taken about $100 million dollar hit from tariffs so far. And Barak

mining says it will move forward with plans for an IPO of its North American gold operations

while retaining a significant majority stake. Those assets account for more than half of

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