Bitcoin Plunges Below $70,000

2026-02-05 14:05 By Andre Joaquim 1 min. read

Bitcoin sank to below $70,000 for the first time since October of 2024, marking a 25% plunge since the start of the year, pressured by a selloff in speculative positions across a wide range of asset classes.

The aggressive decline was marked by a deterioration in the narrative around cryptocurrencies, breaking against the view of a hedge against inflation and geopolitical stress, and tracking the drop in gold.

Additionally, the higher share of Bitcoin in institutional portfolios made it more vulnerable to derisking, which recently dominated trades following higher volatility and margin requirements in precious and base metal derivatives.

Other portions of the market also tie the decline in cryptocurrency holdings by retail traders on the broader range of substitutes for speculative trading, including leveraged ETFs with exposure to AI companies, zero-day options for equities, and the rise of betting markets.



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