Bitcoin Drops to the $70,000 Range for the First Time in 9 Months, Down 38% From Record High [Crypto Briefing]

[Financial News] The price of Bitcoin (BTC), the largest cryptocurrency by market capitalization, has fallen into the $70,000 range for the first time in about nine months.
According to CoinMarketCap on the 1st, as of 1:00 p.m. that day BTC was trading at $78,790.46, down 6.07% from 24 hours earlier.
This is the first time since April 11 last year that the BTC price has dropped below $80,000. Compared with its all-time high of $126,210.50 recorded on October 6 last year, it is down 37.57%.
The drop is seen as a reaction to President Donald Trump nominating former Federal Reserve System (the Fed) governor Kevin Warsh as the next Fed chair candidate. Warsh is regarded as a hawkish dove, and expectations for monetary easing are weakening as a result.
BTC was once dubbed "digital gold" and promoted as an alternative safe-haven asset. However, as geopolitical tensions have risen, including the controversy over Greenland, doubts about that narrative have grown.
Supply-and-demand instability has also intensified downward pressure on cryptocurrencies, with money flowing out of Exchange-Traded Funds (ETF) that invest in BTC. Twelve Spot Bitcoin ETF products listed on the U.S. market have posted net asset outflows for three consecutive months, with about $5.7 billion (around 8.16 trillion won) leaving during that period.
Other major coins are also seeing steep declines. Over the past 24 hours, Ethereum is down 9.27%, Binance Coin 8.11%, Ripple (XRP) 4.58%, and Solana 11.31%.
jisseo@fnnews.com Seo Min-ji Reporter