Bitcoin Falls Below $70,000 as Market Faces a ‘Crisis of Faith’

Bitcoin slumped below $70,000, a level last seen 15 months ago, as a broad risk-off sentiment engulfed global markets.

The largest cryptocurrency is extending a downward spiral that has seen it shed more than 44% from its peak in October last year. Bitcoin tumbled as low as $69,821 in early New York trading on Thursday, and is hovering around the lowest levels since Donald Trump’s election win in early November 2024.

“The market is currently navigating a ‘crisis of faith,’” said Shiliang Tang, managing partner of Monarq Asset Management.

While earlier legs of ...