Bitcoin (BTC-USD) fell to $67,000 per token on Thursday, falling to its lowest level since 2024 as selling pressure intensified.
The token extended losses from the previous session after Treasury Secretary Scott Bessent indicated that the US government will not step in to support the cryptocurrency market.
In a heated back and forth during the House Financial Services Committee on Wednesday, Bessent was asked if the US Treasury had the authority to buy bitcoin or other cryptos.
“I don’t have the authority to do that, and as FSOC chairman, I don’t have that authority,” Bessent stated.
Bitcoin fell as low as $67,073 apiece early Thursday, continuing Wednesday’s decline that followed Bessent’s comments.
The decline was also fueled by broader selling pressure in the markets and a warning from notable investor Michael Burry that a sustained decline in bitcoin’s price could “start a death spiral leading to massive value destruction.”
“Bitcoin has been exposed as a purely speculative asset, and not close to the debasement trading hedge that is gold and other precious metals,” Burry, who rose to prominence after predicting the 2008 financial crisis, wrote in his Substack.
The move lower on Thursday only added to bitcoin’s recent rout. The world’s largest cryptocurrency is down nearly 20% year-to-date.
Bitcoin fell sharply last weekend to hit its fourth consecutive month of losses.
The move lower coincided with President Trump’s announcement last Friday that he has chosen Kevin Warsh to lead the Federal Reserve when Jerome Powell’s term ends in May, a nomination that markets see as hawkish.
Ether (ETH-USD) and other digital tokens also slide.
Read more: How to navigate a crypto meltdown
After bitcoin previously surpassed the key support level at $73,000, 10X Research strategists wrote that “current flows suggest that sentiment has changed significantly.”
The firm’s strategists pointed to flow and positioning data, which indicated “investors are not yet in a position to buy the dip.”
“While sentiment and technical indicators are approaching extreme levels, the broader downtrend remains intact,” the researchers wrote. “In the absence of a clear catalyst, there is little urgency to step in.”
The firm noted that traders remain focused on deleveraging and winding down their positions rather than preparing for a typical snapback rally.
The pressure on digital assets reflected the broader fragility in the crypto market. Aside from a brief bounce last month, bitcoin has struggled since October, when whale sales and forced liquidations swept the industry.