Bitcoin dips below $70,000 in limited trading ahead of important US data

Bitcoin traded below the $70,000 level during Tuesday’s Asian session after once again failing to hold onto its recent gains following a rebound from lows near $60,000, as investors remained cautious ahead of key US jobs and inflation data releases.

The world’s largest cryptocurrency was down 2.2% at $69,392.7 as of 05:58 GMT.

Bitcoin stuck between $68,000 and $72,000 ahead of US data

The market has moved within a $68,000–$72,000 range in recent sessions after a volatile week that saw Bitcoin fall to around $60,000 — levels not seen since October 2024 — before a recovery wave pushed the token back above $70,000.

The pullback came amid liquidation-driven selling, with investors unwinding leveraged positions during the sharp declines.

Investors are now focused on US macroeconomic data that could shape Federal Reserve monetary policy expectations.

Monthly US jobs data — delayed due to a brief government shutdown — is scheduled for release on Wednesday.

Later in the week, Consumer Price Index (CPI) data is due on Friday, a key inflation gauge that could influence rate-cut expectations.

Markets also remain cautious about the upcoming leadership change at the Federal Reserve after US President Donald Trump nominated Kevin Warsh to lead the central bank.

Traders are assessing how a potentially more hawkish stance under Warsh could affect liquidity conditions and speculative assets such as Bitcoin.

South Korean platform mistakenly sends $44 billion in Bitcoin to users

South Korean crypto exchange Bithumb mistakenly sent about $44 billion worth of Bitcoin to users during a promotional rewards event, prompting calls for tighter regulatory oversight by the country’s financial watchdog.

The error occurred on Friday when the platform accidentally credited 620,000 Bitcoin to user accounts instead of small cash rewards, triggering heavy selling before the issue was discovered. About 99.7% of the coins were later recovered.

Financial Supervisory Service Governor Lee Chan-jin said the incident exposed structural weaknesses in virtual asset electronic systems and highlighted the need for stronger oversight mechanisms and stricter regulatory frameworks for digital assets.

Crypto prices today: altcoins remain under pressure

Most alternative cryptocurrencies also declined on Tuesday.

Ethereum, the second-largest cryptocurrency, fell 2% to $2,052.92.

XRP, the third-largest cryptocurrency, dropped 1% to $1.43.