Bitcoin has tumbled to trade around $70,000, as the wave of declines continues to hit digital currency markets, with no sign of an end to the decline in the world’s largest cryptocurrency.
In Asian trading, Bitcoin hit a low of $70,052, its lowest since November 2024, as selling pressure continued to dominate the market.
In the same context, Ether, the second largest digital currency, fell 0.7% to $2,111 on concerns that it would break the $2,000 barrier for the first time since May last year.
Analysts attribute this rapid and sharp decline to the negative impact on market risk appetite from developments in U.S. monetary policy following the appointment of Kevin Warsh as head of the Federal Reserve amid expectations for tighter policies.
Bitcoin is down more than 7% this week, taking its year-to-date loss to around 20%, while Ether has lost around 30% since the beginning of the year.
The Bitcoin currency has fallen to around $70,000, with no signs of slowing down in the world’s largest cryptocurrency as the downward trend affecting the cryptocurrency market continues.
In Asian trading, Bitcoin hit a low of $70,052, its lowest since November 2024, as selling pressure continued to dominate the market.
In the same situation, the second-largest cryptocurrency, Ether, fell 0.7% to $2,111 amid concerns that it would break the $2,000 barrier for the first time since May last year.
Analysts attribute the rapid and sharp decline to developments in U.S. monetary policy that negatively impacted market risk appetite following the appointment of Kevin Warsh as Federal Reserve head amid expectations for tighter policies.
Bitcoin has fallen more than 7% this week, widening its losses since the beginning of the year to about 20%, while Ether has suffered losses of nearly 30% since the beginning of the year.
