Bitcoin is on the verge of dropping below $70,000 on Thursday, with little indication that the decline in the world’s leading cryptocurrency will slow anytime soon.
In Asian trading, Bitcoin fell more than 3 percent to $70,052.38, marking its lowest level since November 2024. Ether, the second-largest cryptocurrency, also slid nearly 2 percent to $2,086.11, and a fall below $2,000 would mark its first drop under that threshold since May of last year.
Analysts attribute the sharp and sudden decline to the nomination of Kevin Warsh as the next chairman of the US Federal Reserve, as markets anticipate tighter monetary policies under his leadership, reports Al-Rai daily.
So far this week, Bitcoin has lost over 7 percent, while its cumulative decline since the start of 2026 reaches nearly 20 percent. Ether has fared worse, falling almost 30 percent year-to-date.
