• Bitcoin fell below $70,000, hitting its lowest level since October 2024.
• The global cryptocurrency market lost $2 trillion in value over recent months.
• Investor concerns about Federal Reserve policies and economic uncertainty are driving the declines.
• Approximately $1 billion in Bitcoin positions were liquidated in just 24 hours.
• Various cryptocurrencies, including Ethereum, are also experiencing steep losses.

Bitcoin has dropped below the $70,000 mark for the first time since November 2024, reflecting a larger downturn in the cryptocurrency market. This decline follows a peak of over $126,000 just months earlier. Experts attribute this downturn to a *risk-off* sentiment among investors, who are increasingly moving towards safe-haven assets amid geopolitical uncertainties and pressures from rising interest rates, according to India Times and Anadolu Agency.

The price of Bitcoin fell sharply, nearing $63,000, marking a stark *12.6%* drop, as figures suggest it has wiped out all gains made since President Donald Trump's election win. This has caused significant turmoil in the wider crypto market, which has now seen a total loss of around $2 trillion since its peak, according to data from CoinMarketCap and ABC News.

As Bitcoin continues its decline, Ethereum and other cryptocurrencies have also echoed this trend, with Ethereum dropping about 10% and other altcoins like Solana not far behind. Analysts mention that the ongoing selling pressure is exacerbated by the liquidation of leveraged positions in the market, leading to further downward pricing, as highlighted by Channel News Asia and India Times.

The recent appointment of Kevin Warsh as Trump’s nominee for Federal Reserve chair has raised concerns among investors regarding tighter monetary policies, which could restrict liquidity in the markets—a factor that traditionally supports speculative assets like cryptocurrencies. This has left the market in a state of *capitulation*, as indicated by analysts, marking a challenging period for digital assets, as noted by multiple sources including Channel News Asia and ABC News.