Bitcoin plunged below $70,000 on Thursday, slipping to $69,858—the lowest level since November 2024—and erasing all gains since Donald Trump’s 2024 U.S. presidential win. The cryptocurrency has shed nearly 8% this week and is down close to 20% for the year. Ether has plunged around 30%. Traders are bracing for tighter liquidity following Kevin Warsh’s nomination as the Federal Reserve chair. “The market fears a hawk with him,” said Manuel Villegas Franceschi of Julius Baer. Jefferies strategist Mohit Kumar warned that miners could face “forced liquidations” if prices continue to slide. Deutsche Bank analysts noted that U.S. spot bitcoin ETFs experienced over $3 billion in outflows during January, after $2 billion in December and $7 billion in November.