Bitcoin Plunges Below $100K for First Time Since June as Crypto Correction Worsens
Bitcoin dropped below $100,000 on major exchanges like Coinbase, Kraken, and Gemini, marking its lowest point since late June during a broader crypto market correction. After briefly falling to $101,300, the cryptocurrency has declined over 20% from its record high above $126,000 last month, and below October's flash crash low. Recovery efforts have failed as selling pressures persist, partly due to hawkish signals from the Federal Reserve regarding interest rate cuts.
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Bitcoin dips below $100,000
Bitcoin (BTC) fell below the $100,000 mark on Tuesday across several major exchanges, including Coinbase, Gemini, and Kraken. This marks its weakest price since late June amid a broader cryptocurrency market correction. Notably, the drop below $100,000 prompted a brief resurgence in buying activity, pushing the price back to $101,300 within minutes.
Major decline from all-time high
Currently, Bitcoin has experienced a decline of more than 20% from its record high of over $126,000, achieved just one month ago. Additionally, it hit a new low that surpassed the previous crypto flash crash from October 10, which saw Bitcoin plummet from above $120,000 to $103,000 in less than a day.
Failed recovery attempts
Subsequent recovery attempts in the following weeks have largely failed. Any bounces above $110,000 have been short-lived, ending in rapid selloffs and further declines.
Federal Reserve's impact on the crypto market
One of the more recent factors driving the selling pressure has been the Federal Reserve's surprise hawkish stance last week. Chairman Jerome Powell and several other officials have dampened expectations for an interest rate cut in December, which has negatively impacted the broader financial and crypto markets.
Read more on Bitcoin's price struggles
For additional insights into Bitcoin's ongoing volatility, check out the article: Bitcoin Careens Toward $100K as Morning Bounce Fails.