Bitcoin Careens Toward $100K as Morning Bounce Fails
Bitcoin's price fell below $102,000, experiencing a 4.5% drop in 24 hours and an 11.8% decline over seven days, reaching its lowest level since late June. Ethereum and other major cryptocurrencies like XRP, BNB, Solana, DOGE, and Cardano also experienced significant drops of 5%-7% within the same period, with the entire crypto market declining 15%-20% over the past week. Crypto-related stocks such as MicroStrategy, Coinbase, and Galaxy also tumbled. Investor sentiment has worsened, with the Fear & Greed Index dropping to 'extreme fear' levels of 21, the lowest since April. Additionally, Paris-based Sequans sold 970 BTC to address existing debt, indicating a shift from accumulation to selling by some treasury entities.
Layer-1
Centralized Payments
Centralized Exchange
SEC Alleged Securities
Bitcoin's Continued Decline
Bitcoin (BTC: $101,373.83) continued to slide during U.S. trading hours on Tuesday, falling below $102,000 and breaching the lows of the October 10 crash. The largest cryptocurrency plunged 4.5% over the past 24 hours and 11.8% over the past seven days, reaching nearly $101,900—its weakest point since late June.
Ethereum and Other Cryptocurrencies Follow the Slide
Ethereum's ether (ETH) dropped below the crash lows at around $3,410, marking a three-month low and a nearly 6% decline for the day. Similarly, other major cryptocurrencies like XRP ($2.2489), BNB ($932.19), Solana (SOL: $158.87), DOGE ($0.1623), and Cardano's ADA ($0.5346) experienced declines of 5%–7% during the same period. Over the past week, the entire crypto market has seen a cumulative 15%–20% drop.
Impact on Crypto-Related Stocks
Crypto-related stocks were not spared from the downturn. Strategy (MSTR), the largest corporate Bitcoin owner, tumbled another 5%, reaching its weakest price since April. Likewise, Coinbase (COIN), the crypto exchange, and Galaxy Digital (GLXY), a digital asset investment firm, showed similar levels of decline.
"Extreme Fear" Grips the Market
Investor sentiment has deteriorated sharply amid the price action. The widely-followed Fear & Greed Index fell to 21, indicating a state of "extreme fear" in the market. This represents the index's most depressed level since early April, when Bitcoin dropped below $75,000 during the tariff tantrum.
Bitcoin Treasury Company Sell-Offs
The collapse of the Bitcoin treasury company bubble continues to resonate through the market. Former Bitcoin accumulators have shifted to selling. For instance, Paris-based Sequans announced on Tuesday the sale of 970 BTC to assist in paying down previously accumulated debt.