Crypto stocks fall as bitcoin tumbles below $70,000 mark

Shares of cryptocurrency and blockchain-related companies fall premarket after bitcoin falls below the key $70,000 level

Selling pressure intensified after President Donald Trump's nomination of Kevin Warsh as the next Fed Chair, which analysts say could mean a smaller Fed balance sheet, a negative for speculative assets

Bitcoin BTC=, the world’s biggest cryptocurrency, down 4.3% at about $69456.06, its weakest level since November 2024

Bitcoin has already fallen nearly 8% for the week, taking its losses for the year so far to nearly 20%

Crypto exchange Coinbase Global COIN.O falls 5%, while blockchain farm operator Bitfarms Ltd BITF.O down 6.3%

Crypto miners Bit Digital BTBT.O down 3.3%, Hut 8 HUT.O loses 5.1%

Mara Holdings MARA.O declines 5.2%, Riot Platforms Inc RIOT.O down 5.9%

BTC buyer Strategy MSTR.O falls 7%; co set to report quarterly results later in the day

ProShares Bitcoin Strategy ETF BITO.P falls 5.4%; iShares Bitcoin Trust ETF IBIT.O down 5.3%