Name: Bitcoin tumbles below $70,000, wipes out gains
Uploaded: 2026-02-05T17:16:36.000Z
Duration: 1 min 14 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

Bitcoin fell through the key $70,000 level on Thursday.

It marked its weakest performance since November 2024, when Donald Trump won the US presidential election.

Past perfect

He had signaled his intention to support crypto during his campaign.

Bitcoin has already dropped nearly 8% for the week, which takes its losses for the year so far to almost a fifth.

Analysts argue the latest crypto rout was caused partly by the nomination of Kevin Walsh as the next Federal Reserve chair.

That's due to expectations he could shrink the Fed's balance sheet.

Cryptocurrencies are widely seen as the winners of a large balance sheet.

While the Fed covered money markets with liquidity, which acts as a support for speculative assets, data from Coingecko shows the global crypto market has lost nearly $1.9 trillion in value since October.

It's a major step down from a peak of just under $4.4 trillion early that month.

Bitcoin's fortunes have also been tied to the broader tech sector.

For some time, the price tended to rise with investor enthusiasm for AI.

This week's rout in global software stocks has sped up the slide in the value of bitcoin, ether and other tokens.