For the first time since 2024, Bitcoin drops below $70,000
Bitcoin has reportedly dropped below the closely watched $70,000 threshold today, extending a sharp selloff that showed little sign of easing for the world’s largest cryptocurrency.
The token slid as much as 3.8% to $69,374, its lowest level since November 2024. That month marked Donald Trump’s victory in the US presidential election, during which he publicly expressed support for cryptocurrencies.
Bitcoin is now down over 20% down year-to-date. Ether also weakened, falling nearly 3.6% to around $2,064 and down over 30% so far this year.
Reasons for the recent selloffs are unclear, but analysts believe they may be related to rumors about changes at the US Treasury.
Since reaching a peak of $4.379 trillion in early October 2025, the global cryptocurrency market has fallen by nearly $1.9 trillion, with roughly $800 billion erased over the past month alone, according to CoinGecko data.
Cryptocurrencies have been under pressure for several months following a major selloff last October, when leveraged positions were unwound, and bitcoin tumbled from record highs. That episode has dampened investor appetite and left overall sentiment toward digital assets fragile.
