Bloomberg says BTC falls below $70K amid inflation fears, regulatory pressure

Bitcoin fell below $70,000 amid macroeconomic concerns including inflation and rising interest rates, Bloomberg reported. The outlet said expectations for additional U.S. Federal Reserve rate hikes and concerns about tougher crypto regulation next year, with Republicans controlling Congress, directly weighed on the market. Rich Rosenblum, co-founder of crypto market maker GSR, said volatility in AI-related stocks, a stronger dollar and management changes at Nvidia pressured risk assets. Sean McNulty, a derivatives trader at market-making firm AQC Tech, said more than $1 billion in leveraged long positions was forcibly liquidated immediately after BTC broke below $70,000, intensifying selling pressure.