Bitcoin was on the verge of breaking below the key $70,000 level on Thursday, February 5, 2026, as a slide in the world’s largest cryptocurrency showed no signs of stopping.
Bitcoin fell 2% in early European trade, having dropped as much as 3.5% earlier during the Asian session to $70,052.38, its lowest level since November 2024.
Meanwhile, Ether was down 0.7% at $2,111.34.
A drop below $2,000 would mark the first time the world’s second-largest cryptocurrency has breached that level since May 2025.
Analysts said the latest rout in cryptocurrencies, which has come hard and fast, was triggered by the nomination of Kevin Warsh as the next Federal Reserve Chair, due to expectations he could shrink the Fed’s balance sheet.
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Bitcoin has already fallen more than 7% for the week, taking its losses for the year thus far to nearly 20%, while ether is down close to 30% this year.
Cryptocurrencies have widely been regarded as beneficiaries of a large balance sheet, having tended to rally while the Fed greased money markets with liquidity – a support for speculative assets.
Manuel Villegas Franceschi from the next generation research team at Julius Baer told Reuters: “The market fears a hawk with him.
“A smaller balance sheet is not going to provide any tailwinds for crypto.”
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