Bitcoin fell on Wednesday, briefly breaking below the coveted $100,000 level as a broader sell-off in risk-driven markets, on concerns over stretched valuations, spilled over into cryptocurrencies.
The world’s largest crypto traded down 4.7% at $101,718.3 by 23:32 ET (04:32 GMT). It had earlier in the session fallen as low as $99,010.06, its weakest level since mid-June.
Bitcoin also entered a bear market, having fallen over 20% from its early-October record high of $126,186.0.
Broader crypto prices all logged heavy losses on Wednesday, extending declines seen earlier this week as traders dumped risk-driven assets across the board.
Bitcoin slumps into bear market after $1.3 bln liquidation spree Bitcoin’s losses also came as data from analytics firm CoinGlass showed over $1.27 billion in leverage positions across crypto were wiped out earlier this week.
A bulk of these liquidations were of long positions, as traders betting on more price gains in Bitcoin were liquidated by steep losses in the world’s biggest crypto.
Bitcoin’s losses came tracking a broader sell-down in global risk-driven markets, amid growing concerns over an artificial intelligence-fueled bubble in equity valuations.
Fears of stretched valuations were further stoked by the CEOs of several major Wall Street banks warning of an imminent pullback on Tuesday, which caused steep losses in U.S. markets.
The NASDAQ Composite, which Bitcoin and crypto prices tend to track, slid 2% on Tuesday.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. November’s losses come after Bitcoin weakened in October, with the world’s biggest crypto struggling to recover after a flash crash in the beginning of the month.
Mara Holdings clocks strong Q3 earnings, shares rise Mara Holdings (NASDAQ:MARA), a major Bitcoin miner and the world’s second-largest corporate holder of the crypto, clocked stronger-than-expected third-quarter earnings on Tuesday.
This sent the company’s shares up over 3% in aftermarket trade, although they were still nursing a 6.7% loss during the session.
Mara clocked a 92% year-on-year jump in its revenue, and also swung to a quarterly profit. The company benefited from increasing its Bitcoin holdings during the quarter, while also furthering its plans to pivot into AI and data center services from Bitcoin mining.
Crypto price today: altcoins slide tracking Bitcoin Broader crypto prices fell across the board on Wednesday, tracking steep losses in Bitcoin.
World no.2 crypto Ether fell 8.2% to $3,328.50, having come close to breaking below $3,000 on Tuesday. Ether also hit a near four-month low on Tuesday.
XRP fell 4% to $2.244, while BNB fell 0.4% to $945.60.
Solana slid 4.9%, while Cardano shed 0.3%.
Among meme tokens, Dogecoin rose 2.3%, while $TRUMP fell 0.6%.
