Bitcoin briefly dipped below the $70,000 mark, hitting a level last seen in November 2024, Bloomberg reported.
Early in New York trading, the cryptocurrency’s price briefly slipped to $69,821 before partially rebounding.
According to Bloomberg, from its peak above $126,000 in October 2025, Bitcoin has fallen by more than 44%. Shiliang Tan, managing partner at Monarq Asset Management, describes what is unfolding as a “crisis of faith” in the market.
The slide followed a broad sell-off in US technology stocks on February 4, CNBC noted. Further pressure has come from liquidations—automatic position closures when Bitcoin hits pre-set price levels.
As Maya Vuijnovic, chief executive for digital assets at FG Nexus, put it, Bitcoin “is no longer trading on hype alone”—in today’s conditions, she said, it is driven “exclusively by pure liquidity and capital flows”.