Bitcoin traded below the $70,000 level during Asian hours on Tuesday, once again struggling to hold recent gains after rebounding from lows near $60,000. Investor sentiment turned cautious ahead of key U.S. employment and inflation data due later this week.
The world’s largest cryptocurrency was last down 2.2% at $69,392.7 as of 05:58 GMT.
Bitcoin remains rangebound ahead of U.S. economic data
Bitcoin prices have largely moved within a $68,000 to $72,000 range in recent sessions. The consolidation followed a volatile week in which Bitcoin slid to around $60,000—levels not seen since October 2024—before staging a relief rally back above $70,000.
The earlier decline was driven by liquidation-led selling, as leveraged positions were unwound during sharp price drops.
Market attention has now shifted to upcoming U.S. macroeconomic releases that could influence expectations around monetary policy. Monthly U.S. jobs data, delayed by a short government shutdown, is scheduled for release on Wednesday.
Later in the week, U.S. consumer price index inflation data is due on Friday. The CPI report is closely watched as it could shape expectations for interest rate cuts by the Federal Reserve.
Markets are also factoring in uncertainty surrounding the upcoming leadership change at the Fed, following President Donald Trump’s nomination of Kevin Warsh as the next Fed chair. Traders are assessing how a potentially more hawkish policy stance could impact liquidity 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 event, triggering renewed calls for tighter regulation.
The incident occurred on Friday when accounts were erroneously credited with around 620,000 bitcoins instead of small cash rewards. The error prompted a brief sell-off before the issue was identified, with approximately 99.7% of the coins eventually recovered.
Lee Chan-jin, governor of South Korea’s Financial Supervisory Service, said the episode exposed structural weaknesses in virtual asset systems and highlighted the need for stronger oversight and clearer regulation of digital assets.
Altcoins remain under pressure
Most major altcoins also traded lower on Tuesday. Ethereum fell 2% to $2,052.92, while XRP slipped 1% to $1.43.
Solana declined 1.6%, and both Cardano and Polygon dropped 2.5%. Among meme tokens, Dogecoin eased 1.8%.
