Dhaka, Feb. 5 -- Bitcoin was on the cusp of breaking below the key $70,000 level on Thursday as a slide in the world's largest cryptocurrency showed no signs of stopping.

Bitcoin tumbled more than 3.0 per cent in the Asian session to $70,052.38, its lowest level since November 2024.

Ether, the world's second-largest cryptocurrency, was similarly down nearly 2.0 per cent at $2,086.11. A drop below $2,000 would mark the first time since May last year.

The latest rout in cryptocurrencies has come hard and fast, which analysts say was triggered by the nomination of Kevin Warsh as the next Federal Reserve Chair, due to expectations he could shrink the Fed's balance sheet, reports Reuters.

Bitcoin has already fallen more than 7 per cent for...