Bitcoin price drops below $70,000

The bitcoin cryptocurrency fell below $70,000 on February 5. This was reported by the agency Bloomberg.

At the beginning of trading in New York, the token fell by 4.6% to $69,271. This is the lowest level since November 2024.

The decline continued, while the negative momentum among cryptocurrencies, caused by the disappearance of margin demand and volatility in the technology stocks and precious metals markets, intensified.

Overall, since its October peak, bitcoin has lost about 45% of its value.

Reuters noted that the recent drop in cryptocurrencies was provoked, according to analysts, by nominating Kevin Worsh as a candidate for the position of the US Federal Reserve Chairman due to expectations that he might reduce the Fed's balance sheet.

According to CoinGecko, the global crypto market has lost almost $1.9 trillion in value since reaching a peak of $4.379 trillion in early October 2024. At the same time, about $800 billion was lost in the last month.

• january 31, bitcoin dropped to the level of less than $80,000, reaching the lowest levels since April 2025.