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Bitcoin falls below 70000 dollars and erases gains made since the 2024 election

Bitcoin fell below $70,000 on Thursday as fears over a hawkish Fed sparked a selloff. Heavy ETF outflows have erased all gains since the 2024 election.

Insights:
Bitcoin fell below the $70,000 threshold on Thursday as market participants reacted to the announcement that Donald Trump donald trump has nominated Kevin Warsh kevin warsh to serve as the next chair of the Federal Reserve. This sharp sell-off in the United States USUS and global markets has pushed the premier cryptocurrency to its weakest level since November 2024, accelerating a broader decline across the digital asset sector. Market participants have specifically linked the move to the nomination, which has heightened concerns regarding a potentially shrinking Federal Reserve balance sheet.
Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration
Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration
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