Bitcoin (BTC) Plummets Below $100K: Crypto Carnage Continues Unchecked
Crypto markets bleed out as Bitcoin's nosedive triggers domino effect
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The king coin's freefall past six figures shakes investor confidence
Market watchers scramble as support levels crumble like stale cookies
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Traders face brutal reckoning after ignoring 'overleveraged' warnings for months
(Because who needs risk management when lambos are on the line?)
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BTC was trading at $98,316.00 in afternoon trading on Nov. 13 as crypto prices fell in tandem with stocks, particularly technology shares. The technology-laden Nasdaq index was down 560 points, or 2.40% on the day as investors grow increasingly risk averse.
Carnage in the crypto space is worse, with leading digital assets such as ethereum (ETH) and Dogecoin (DOGE) down as much as 5%. The drop in Bitcoin comes after it hovered just above $100,000 for the past two weeks. BTC is now down 22% from an all-time high of just over $126,000 reached in early October. Bitcoin is technically in a bear market, defined as a drop of 20% or more from recent highs.
Troubles Mount
The selloff in Bitcoin and other digital assets comes as investors wrestle with a number of troublesome signs for markets. These include high stock valuations, a potential artificial intelligence (AI) bubble, a lack of data about the U.S. economy, and uncertainty about future interest rate reductions.
Futures traders now peg the chance of a December interest rate cut at less than 50%. The pullback has hurt crypto-linked stocks as well, especially bitcoin miners with heavy AI data center exposure. Bitdeer (BTDR), Bitfarms (BITF), and Cipher Mining (CIFR) are each down 10% or more on Nov. 13.
Is Bitcoin a Buy?
Most analysts don’t offer ratings or price targets on Bitcoin. So instead, we’ll look at the three-month performance of BTC. As one can see in the chart below, the price of Bitcoin has fallen 10.02% in the last 12 weeks.
