Bitcoin came close to falling below the $70,000 level on Thursday, as there were no signs of the decline in the world’s largest digital currency stopping.
Bitcoin fell more than 3% in Asian trading to $70,052.38, its lowest level since November 2024.
The price of Ether, the world’s second-largest digital currency, also fell by about 2% to $2,086.11.
A drop in Ether below the $2,000 level would be the first since May of last year.
The latest decline in digital currencies came quickly and strongly, with analysts saying it resulted from the nomination for the next chair of the Federal Reserve, due to expectations of a policy shift.
Bitcoin has already fallen more than 7% over the week, bringing its losses since the beginning of this year to nearly 20%, while Ether has fallen nearly 30% so far this year.
It was stated: “The market fears that (the nominee) will adopt a strict approach. (Also) a shrinking balance sheet will not provide any supportive factors for cryptocurrencies.”
Digital currencies are widely seen as beneficiaries of a large balance sheet, tending to rise when the US central bank pumps liquidity into financial markets, which boosts speculative assets.
Cryptocurrencies lost nearly half a trillion dollars in market value in less than a week as selling intensified, especially for Bitcoin.
It was reported that the total value of the cryptocurrency market has declined by $467.7 billion since January 29, according to data from CoinGecko, a site specializing in tracking cryptocurrency market performance.
It is noted that the price of Bitcoin has fallen 40% since reaching a record high last October, as a result of a wide series of liquidations, where many investors sold their cryptocurrency holdings, impacting their market value.
ISTANBUL
Istanbul is a major city in Turkey that straddles the Bosporus Strait, historically serving as the capital of the Byzantine and Ottoman Empires under the names Constantinople and Byzantium. Its rich history is visible in iconic sites like the Hagia Sophia, a former cathedral and mosque, and the Topkapi Palace, the administrative heart of the Ottoman sultans for centuries. This unique position has made it a cultural and historical bridge between Europe and Asia.
TURKEY
Turkey is a transcontinental nation bridging Europe and Asia, with a rich history spanning from ancient civilizations like the Hittites and Byzantines to the powerful Ottoman Empire, which was succeeded by the modern Republic of Turkey in 1923. It is renowned for its diverse cultural heritage, featuring iconic sites such as Hagia Sophia, the rock formations of Cappadocia, and the ancient city of Ephesus.
Bitcoin
Bitcoin is a decentralized digital currency created in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto. It operates on a peer-to-peer network secured by blockchain technology, enabling transactions without the need for a central authority like a bank or government.
Ether
Ether is not a specific physical place or cultural site, but a concept historically referring to a theoretical substance once believed to fill the universe as a medium for light waves. This idea was central to physics until the late 19th and early 20th centuries, when experiments like the Michelson-Morley failed to detect it, leading to its abandonment and paving the way for Einstein’s theory of relativity.
Federal Reserve
The Federal Reserve is the central banking system of the United States, established in 1913 by the Federal Reserve Act to provide the country with a safer, more flexible, and more stable monetary and financial system. It conducts national monetary policy, supervises and regulates banks, maintains financial stability, and provides banking services to depository institutions and the federal government.
CoinGecko
CoinGecko is a cryptocurrency data platform founded in 2014 by TM Lee and Bobby Ong, providing market tracking for thousands of crypto assets. It aggregates data like prices, trading volume, and market capitalization to serve as a comprehensive resource for investors and enthusiasts. The platform has grown from a simple price tracker into a major industry data aggregator, competing with sites like CoinMarketCap.
