Bitcoin fell below $70,000 on Thursday as selling pressure in the cryptocurrency market intensified, even as U.S. stock markets showed signs of stability ahead of the trading day.
The world’s largest cryptocurrency dropped to around $69,900, according to CoinDesk data. Investor sentiment worsened sharply, with the Crypto Fear and Greed Index falling to 11, a level that signals extreme fear.
Ether also fell more than seven percent, while most other digital assets followed the decline.
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The selloff was largely limited to cryptocurrencies and precious metals. Gold slipped more than one percent to below $4,900 per ounce, while silver fell more than 11 percent, reflecting a broader move away from riskier assets.
U.S. stocks, however, were slightly higher in premarket trading. The Invesco QQQ ETF, which tracks the Nasdaq 100 index, rose about 0.2 percent, highlighting a clear split between crypto markets and traditional equities.
Shares linked to bitcoin continued to fall. Strategy, the largest publicly listed holder of bitcoin, dropped more than five and is now nearly 80 percent below its November 2024 peak, ahead of its quarterly earnings report. Other bitcoin-focused companies, including Strive and Nakamoto, were down around six percent.
Crypto exchange Coinbase fell about two percent while major bitcoin miners such as Riot Platforms, MARA Holdings and CleanSpark lost roughly three percent.
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The decline was worsened by heavy selling in derivatives markets. More than $800 million worth of leveraged crypto positions were liquidated in the past 24 hours, while total futures open interest fell to about $103 billion.
Options trading also showed rising fear, with investors paying more for protection against further price drops.
Analysts said broader uncertainty in global markets, including higher oil price volatility linked to U.S.–Iran tensions, has reduced appetite for riskier assets like cryptocurrencies. They warned that a sustained move below $70,000 could lead to further losses in the days ahead.
