Bitcoin falls to its lowest level in 16 months
U.S. Treasury Secretary Scott Bessent's statement that the government will not bail out cryptocurrencies has triggered a sharp sell-off in the markets. Bitcoin has retreated to the $70,000 band, testing its weakest levels since November 2024.
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The decline in crypto assets accelerated after U.S. Treasury Secretary Scott Bessent emphasized that Washington has no "bailout" plan for the cryptocurrency markets. Following the statement, Bitcoin pulled back to the $70,000 level in early February, reaching its lowest point since November 2024.
While Ethereum, the market's second-largest crypto asset, fell 1.2% to $2,100, Solana also dropped to the $90 level.
Bitcoin last saw the $70,000 range during the period when Donald Trump won the U.S. presidential election on November 6. Following Trump's positive messages regarding cryptocurrencies, Bitcoin had reached its all-time high of $124,457 on August 14, 2025.
While the value loss in Bitcoin since the beginning of the year has reached 19%, the decline over the last year stands at 30%.
HOW MUCH IS BITCOIN?
Bitcoin is currently trading at around $70,900, down approximately 7%. The total value of the cryptocurrency market has fallen to $2.4 trillion, a decline of 6.5%.