The price of Bitcoin, the world’s leading cryptocurrency, dropped sharply on Thursday, falling below the psychologically important $70,000 level for the first time in more than a year, as investors pulled back from risk assets and broader financial markets weakened.
Trading data showed Bitcoin dropping roughly 40 percent from its peak in Octoberes reaching levels not seen since late 2024. The decline occurs amid a global sell-off in technology stocks, reduced market liquidity, and declining demand for Bitcoin-related investment products, analysts said. Market strategists pointed to a combination of factors behind the downturn.
Heavy liquidations of leveraged crypto positions and outflows from Bitcoin exchange-traded funds have underscored the erosion of investor confidence. Some traders warned that the loss of the $70,000 threshold could trigger further declines.