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Bitcoin tumbles below $70K, heavy losses in cryptocurrencies in last three weeks

Bitcoin Drops Below $70,000, Wiping Out Gain Since Trump’s Win

bloomberg.com

February 8, 2026

1 min read

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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.

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Bitcoin tumbles below $70K, heavy losses in cryptocurrencies in last three weeks ↗

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Community Sentiment

Negative

Positives

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.