Bitcoin tumbles below $70K, heavy losses in cryptocurrencies in last three weeks

Source: Hacker News

Bitcoin price decline

Bitcoin tumbled below $61,000 as the unwinding of leveraged bets and broader market turbulence deepened a sell‑off that has wiped out all of the gains since President Donald Trump’s election set off a speculative rush into cryptocurrencies.

The token sank as much as 4.8 % to $60,033 in early Asia trade on Friday, extending a sharp sell‑off to its lowest level since October 2024. The rout has erased half of Bitcoin’s value since it reached a record four months ago and has spread to other tokens, related ETFs, and companies like Strategy Inc. that hold vast sums of coins.