Bitcoin (COIN:BTCUSD) slipped back below the $70,000 mark during Asian trading on Tuesday, once again struggling to hold onto recent gains after rebounding from lows near $60,000, as investors adopted a cautious stance ahead of important U.S. labour market and inflation data.
The world’s largest cryptocurrency was last down 2.2% at $69,392.7 as of 05:58 GMT.
Bitcoin rangebound ahead of U.S. macro releases
In recent sessions, Bitcoin has largely moved within a $68,000–$72,000 band, following a volatile prior week in which prices plunged to around $60,000 — levels not seen since October 2024 — before a relief rally lifted the token back above $70,000.
The sharp decline was driven in part by liquidation-led selling, as leveraged positions were forced out amid rapid price drops.
Attention has now shifted to upcoming U.S. macroeconomic releases that could influence expectations for Federal Reserve policy. Monthly U.S. jobs data, delayed by a brief government shutdown, is due on Wednesday.
Later in the week, investors will parse U.S. Consumer Price Index (CPI) figures scheduled for Friday, a closely watched inflation measure that could sway interest-rate cut expectations.
Markets are also keeping a close eye on an impending change in leadership at the Fed, following President Donald Trump’s nomination of Kevin Warsh as the next central bank chair. Traders are assessing how a potentially more hawkish policy stance under Warsh could impact liquidity conditions and risk-sensitive assets such as Bitcoin.
South Korean exchange error sparks regulatory concerns
Separately, South Korean cryptocurrency exchange Bithumb mistakenly transferred roughly $44 billion worth of bitcoin to users during a promotional rewards campaign, fuelling renewed calls for stricter regulation from financial authorities.
The error occurred on Friday when the exchange erroneously credited user accounts with 620,000 bitcoins instead of small cash rewards. The mistake triggered a brief wave of selling before being identified, with 99.7% of the misplaced coins ultimately recovered.
Lee Chan-jin, governor of the Financial Supervisory Service, said the incident exposed structural weaknesses in virtual asset electronic systems and highlighted the need for stronger oversight and updated legislation to bring digital assets under tighter regulatory control.
Altcoins mostly weaker
Most major alternative cryptocurrencies also traded lower on Tuesday.
Ethereum, the second-largest cryptocurrency, fell 2% to $2,052.92, while XRP slid 1% to $1.43.
Solana declined 1.6%, and both Cardano and Polygon dropped 2.5%. Among meme tokens, Dogecoin eased 1.8%.