BREAKING: BTC Plunges Below $100K. Is $90K Next?
Bitcoin dropped below $100,000 for the first time since June, reaching an intraday low of $99,941 on the OKX exchange before recovering slightly to $101,299. It has entered correction territory, falling over 22% from its record peak earlier this month, with a 51% chance of dropping to $90,000 this year according to Polymarket. The crash was driven by a sell-off in US equities due to fears of an artificial intelligence bubble. Bitcoin has only risen 8% this year, underperforming gold. Ethereum, meanwhile, has declined below $3,300, experiencing a 34% drop from its record peak and turning negative for 2023.
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Bitcoin Falls Below $100,000
Bitcoin, the flagship cryptocurrency, plunged below the $100,000 level earlier today for the first time since June 22. It reached an intraday low of $99,941 on the OKX exchange before paring some losses. At press time, it is trading at $101,299.
Bitcoin Officially in Correction Territory
The top coin has now officially entered correction territory, plunging by more than 22% from its record peak that was achieved earlier this month. The odds of Bitcoin collapsing all the way to $90,000 this year have now reached 51%, according to betting website Polymarket. For comparison, there was only an 11% chance of Bitcoin hitting that level just a month ago. This highlights how quickly sentiment can shift in the cryptocurrency market.
Market Impact from AI Bubble Fears
Bitcoin's most recent crash has been triggered by a sell-off in US equities, which was fueled by fears of a growing artificial intelligence (AI) bubble. The leading cryptocurrency is now up by just a mere 8% this year, substantially underperforming gold, which has shown greater stability.
Ethereum Turns Negative for the Year
Meanwhile, Ethereum has also suffered losses. It has now turned negative for the year, plunging below $3,300. The altcoin is currently down by as much as 34% from its record peak, making it another major cryptocurrency facing significant challenges.