Bitcoin Tumbles Below $70,000 Amid Fed Nomination

Bitcoin tumbled through the $70,000 level on Thursday, falling as much as 3.8% to $69,858, its weakest since November 2024; ether fell about 2% to $2,090. Analysts attribute the rout to Kevin Warsh's Fed chair nomination and anticipated balance-sheet reductions, and note institutional ETF outflows—over $3 billion in January after $2 billion and $7 billion in December and November—eroding liquidity and investor sentiment.