The cost of bitcoin dropped below $70,000 for the first time since April 7.

The value of the Bitcoin coin dropped below $70,000 for the first time since April 7, 2026. This follows on June 2 from data from the CoinMarketCap portal.

The portal calculates the average price of a coin based on a set of quotes from more than 20 exchanges. As of 10:00 Moscow time, the price dropped by 4.2% per day, to an average of $69,948.45.

Alexander Baryshnikov, the manager of the Mining fund at Record Capital Management Company, told Izvestia on May 29 that since the beginning of 2026, bitcoin has lost 16.3% of its value and has been trading in a sideways range for more than four months. One of the main reasons was the redistribution of investor interest in favor of the American stock market amid the boom in artificial intelligence (AI) technologies.

Cryptoshock: what is behind the collapse of Bitcoin and the crisis of trust

The fall in the value of the first cryptocurrency caused panic in the market

On May 26, Bloomberg reported that the Bitcoin implied Volatility Index (the level of price fluctuations expected by the market) Bitcoin Volmex Implied Volatility Index dropped to its lowest level since September 2025 amid weakening investor interest in the cryptocurrency. The decline occurred against the background of the fact that bitcoin cannot gain a foothold above $ 80 thousand.

To date, the cryptocurrency is trading at about $77 thousand, which is almost 40% lower than the record $126 thousand reached in October 2025. Pressure on the market also intensified after investors began withdrawing money from American funds related to bitcoin.