Bitcoin’s ‘Black Thursday’: more integrated than ever into the global economy, but still as volatile as ever

« Le ‘jeudi noir’ du Bitcoin : plus intégré que jamais à l’économie mondiale, mais toujours aussi volatil » (‘Bitcoin’s “Black Thursday”: more integrated than ever into the global economy, but still as volatile as ever’), article by Mehdi Guelmamen, PhD student in economics at the University of Lorraine, co-written with Sami Es-snibi, Master’s student in Applied Economics at the University of Lorraine, published on 11 February 2026 on The Conversation.

Abstract: Last week, Bitcoin experienced its ‘Black Thursday’. Long presented as a separate asset, capable of evolving independently of traditional financial markets, Bitcoin is now deeply integrated into global finance. Paradoxically, this growing integration has not led to price stabilisation, but rather to increased sensitivity to macroeconomic shocks and the emergence of new risks of financial contagion.