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Bitcoin price today: falls below $70K; key US data awaited
Bitcoin traded below $70,000 during Asian hours on Tuesday, once again failing to hold recent gains after recovering from lows around $60,000, as investors remained cautious ahead of key US employment and inflation data.
The world’s largest cryptocurrency traded 2.2% lower at $69,392.7 as of 05:58 GMT.
Bitcoin stuck between $68K and $72K ahead of US data release
The market observed price fluctuations mostly between $68,000 and $72,000 in recent sessions after a volatile previous week, when bitcoin fell to around $60,000 — levels last seen in October 2024 — before a relief rally pushed the largest cryptocurrency back above $70,000.
The drop occurred amid liquidation-driven selling, as leveraged positions were forcibly closed during the sharp decline.
Investors’ attention is now focused on US macroeconomic data that could influence expectations regarding Federal Reserve policy.
The release of monthly US employment data, postponed due to a brief government shutdown, is expected on Wednesday.
Later this week, on Friday, the US Consumer Price Index (CPI) data — a key measure of inflation — is scheduled for release and may affect expectations for interest rate cuts.
Markets are also cautious due to the upcoming change in Federal Reserve leadership after President Donald Trump nominated Kevin Warsh as the next Fed chair.
Traders are assessing how a potentially more hawkish stance under Warsh could impact liquidity and speculative assets such as bitcoin.
South Korean crypto exchange accidentally sent users $44B worth of bitcoin
South Korean cryptocurrency exchange Bithumb accidentally sent users approximately $44 billion worth of bitcoin during a promotional rewards campaign, prompting calls for tighter regulation from the country’s financial regulator.
The error occurred on Friday when the exchange mistakenly credited 620,000 bitcoins to user accounts instead of small cash prizes, triggering a sharp sell-off before the glitch was detected, and 99.7% of the coins were returned.
Lee Chang-jin, head of the Financial Supervisory Service, said the incident revealed structural problems in electronic systems for virtual assets and emphasized the need to improve oversight mechanisms and legislation to establish stricter regulation of digital assets.
Crypto prices today: altcoins remain pressured
Most altcoins also declined on Tuesday.
The world’s second-largest cryptocurrency, Ethereum, fell 2% to $2,052.92.
The third-largest cryptocurrency, XRP, dropped 1% to $1.43.
Solana declined 1.6%, while Cardano and Polygon fell 2.5% each.
Among meme tokens, Dogecoin slipped 1.8%.
See also: "Over the past week, BitMine purchased 40,613 ethers"
