Bitcoin tumbled below $70,000 early Thursday morning before U.S. markets opened, dropping to as low as $69,100 per Yahoo Finance data. Bitcoin is currently trading hands at around $69,500.
Other cryptocurrencies continute to struggle as well, with Ethereum (ETH) dropping over 7% to $2,050 and Solana (SOL) dropping to 7% to $88.26, as of reporting.
Bitcoin hashprice, a measurement of revenue Bitcoin miners can make in a given period, dropped to an all time low of $31.13 PH/day, according to Hashrate Index.
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Meanwhile, Bitcoin mining stocks tumbled in early morning hours. Bitcoin miner-turned-neocloud IREN (NASDAQ: IREN) dropped 7% in early trading hours to $41.66, while rivals CleanSpark (NASDAAQ: CLSK), Riot Platforms (NASDAQ: RIOT), and MARA (NASDAQ: MARA) all dropped between 5-6%.
Bitcoin’s current price sits near the prior cycle high of $69,000, set in November 2021.
Analyst and investment firm QCP noted earlier in the week fears around possible war with Iran and the nomination of ‘hawkish’ Federal Reserve Chair candidate Kevin Warsh have weakened market prices due to “uncertainty.”
