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Bitcoin dips below US$70,000, wiping out gains since Trump election win amid Warsh Fed fears

South China Morning PostEN 2 min read 100% complete by ReutersFebruary 5, 2026 at 02:32 PM
Bitcoin dips below US$70,000, wiping out gains since Trump election win amid Warsh Fed fears
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Bitcoin fell below US$70,000 on Thursday, erasing gains made since Donald Trump's election win in November 2024. The cryptocurrency has dropped nearly 8% this week and is down approximately 45% from its October high. The decline is attributed to market concerns surrounding the potential nomination of Kevin Warsh as the next Federal Reserve Chair. Analysts believe Warsh's expected policy of shrinking the Fed's balance sheet would remove a key support for speculative assets like cryptocurrencies. The global crypto market has lost nearly US$1.9 trillion in value since early October, with US$800 billion wiped out in the last month.

Key Entities & Roles

Key Player Opposition Context
New York City 30% Julius Baer 40% CoinGecko 40% Ether 60% Federal Reserve ×270% Donald Trump 70% Kevin Warsh ×380% Bitcoin ×690%

Keywords

bitcoin 100% cryptocurrency 90% federal reserve 80% kevin warsh 70% balance sheet 60% market fears 60% price drop 50% donald trump 40% ether 40%

Sentiment Analysis

Negative
Score: -0.40

Source Transparency

Source
South China Morning Post
Classification Confidence
90%
Geographic Perspective
New York City

This article was automatically classified using rule-based analysis.

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bitcoincryptocurrencyfederal reservekevin warshbalance sheetmarket fearsprice dropdonald trumpether
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