Bitcoin tumbles below $70K, heavy losses in cryptocurrencies in last three weeks
bloomberg.com
February 8, 2026
1 min read
Summary
Bitcoin fell below $61,000, marking a decline that has erased all gains since Donald Trump's election. The cryptocurrency dropped as much as 4.8% to $60,033, reaching its lowest value since October 2024 amid increased market turbulence and unwinding of leveraged bets.
Key Takeaways
- Bitcoin dropped below $61,000, marking a decline that has erased all gains since Donald Trump's election.
- The price of Bitcoin fell as much as 4.8% to $60,033 during early Asia trade on Friday.
- The selloff has resulted in a loss of half of Bitcoin's value since its record high four months ago.
- The downturn has affected other cryptocurrencies, related ETFs, and companies holding significant amounts of Bitcoin.
Community Sentiment
NegativePositives
- Historically, Bitcoin has shown resilience, dropping significantly only to recover and surpass previous highs, indicating potential for future rebounds.
Concerns
- The belief that Bitcoin serves as a reliable store of value has been shattered, especially as it falls while real gold rises, highlighting its volatility and market manipulation concerns.
- The significant drop in Bitcoin's value over the past months raises questions about its long-term viability and the impact of institutional adoption on its stability.
Source
bloomberg.com
Published
February 8, 2026
Reading Time
1 minutes
Relevance Score
44/100
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