Bitcoin has fallen below $70,000 today amid a broader sell-off in risk assets.
This morning, the digital asset fell to $69,055.46, marking its first time below $70,000 since November 2024. Bitcoin has declined nearly 20% so far this year.
The decline also followed Treasury Secretary Scott Bessent’s statement during a House Financial Services Committee meeting that the US government would not provide a bailout for the cryptocurrency.
When asked whether the US Treasury has the authority to purchase bitcoin or other cryptocurrencies, Bessent replied, “I do not have the authority to do that, and as chair of FSOC, I do not have that authority.”
As of Thursday, over $2 billion in long and short cryptocurrency positions have been liquidated this week, according to Coinglass data.
Aside from a brief rebound last month, bitcoin has struggled since its record sell-off in October.
By CEO NA Editorial Staff
