Bitcoin Plunges Below $70,000 Amid 'Crisis of Faith' in Global Markets

• Bitcoin fell below $70,000, a level not seen in 15 months, due to a broad risk-off sentiment in global markets.
• The cryptocurrency has shed over 44% from its peak in October last year, tumbling to $69,821 in early New York trading.
• The current pressure is linked to wider cross-asset stress, with $722 million in bullish crypto positions liquidated in 24 hours.
• Global markets experienced synchronized selling, with Nasdaq 100 down over 2% and stock declines continuing in Asia and Europe.
• Skepticism is growing about Bitcoin's safe haven role, as it's down almost 20% this year and the broader crypto market lost $460 billion in value.