Bitcoin tumbled below $61,000, as the unwinding of leveraged bets and broader market turbulence deepened a selloff that has wiped out all of the gains since President Donald Trump’s election set off a speculative rush into cryptocurrencies.

Some market watchers have suggested $70,000 is a key level to watch and a break below that could lead bitcoin to decline further.

Bitcoin's price continues its decline, dropping another 11% to $67,000. It has lost nearly half its value since hitting a record high in October.

The price of the digital currency has dropped significantly despite President Donald Trump’s public support.

Bitcoin prices have declined significantly, and some analysts warn of more pain ahead.

Treasury secretary Scott Bessent said he doesn’t have the power to bail out Bitcoin. During a House Financial Services Committee hearing yesterday, Treasury Secretary Scott Bessent said he could not ask that banks prop up Bitcoin in the case of a crash. Crypto investors are responsible for their own risk.

When the crypto market began crashing after hitting an all-time high (ATH) of $126,000 in October last year, he warned that Bitcoin will crash to $26,000. But he also reassured his followers that the crash will be followed by BTC hitting another ATH.

In the worst case scenario, crypto miners could go bankrupt and the metals market could plummet if bitcoin keeps falling, Michael Burry said.