$BTC plunges after Scott Bessent rules out a rescue. The cryptocurrency dropped below $70,000 this morning, the first time since 2024, after Bessent, the Treasury secretary, said at a House hearing yesterday that he didn’t have the authority to invest U.S. tax dollars in the token. Bitcoin has lost about 40 percent of its value since breaking $120,000 in October, as investors moved to precious metals and other safe-haven assets.