Pakistan, Feb. 5 -- Bitcoin edged dangerously close to the key $70,000 level on Thursday as the world's largest cryptocurrency continued its steep decline, signaling increased caution among investors and fragile market sentiment.

The digital currency fell more than 3% in the Asian session, reaching $70,052.38, its lowest price since November 2024, while Ether dropped nearly 2% to $2,086.11, approaching a critical $2,000 threshold.

Analysts attribute the sell-off to Kevin Warsh's nomination as the next Federal Reserve Chair, with expectations that he may shrink the Fed's balance sheet, reducing liquidity that previously supported speculative assets like cryptocurrencies.

Bitcoin has fallen over 7% in the past week, bringing its year-to-...