[Bitcoin Now] Bitcoin Falls Below $100,000 for the First Time Since June

Bitcoin has fallen below $100,000 for the first time since June.

According to global virtual asset market tracking platform CoinMarketCap, as of 8:32 a.m. on November 5, Bitcoin was trading at $101,178.41, down 4.98% from 24 hours earlier. This marks a 4.98% drop from 24 hours ago and a 10.40% decline from a week ago.

Around 6:35 a.m., Bitcoin fell as low as $99,171.11, briefly losing the $100,000 mark. This is the first time Bitcoin has dropped below $100,000 since June 22, when tensions in the Middle East escalated after the United States attacked Iranian nuclear facilities.

Altcoins also experienced a sharp decline. Ethereum (ETH) fell 8.90% from 24 hours ago to $3,275.23. Ripple (XRP) also dropped by 3.85%, while Binance Coin (BNB) and Solana (SOL) recorded declines in the 5-6% range.

The main reason for the decline appears to be the drop in U.S. technology stocks. Bloomberg reported that the sharp fall in tech stocks had an impact. On November 4 (local time), the Nasdaq closed at 23,348.64, down 486.09 points (2.04%) from the previous trading day. Bloomberg explained, "Bitcoin, often seen as a barometer of speculative momentum, is once again falling in tandem with the stock market."

Bitcoin has been on a continuous downward trend recently. Persistent negative factors affecting virtual assets are believed to be contributing. Recently, the cryptocurrency protocol 'Balancer' suffered a hacking attack, resulting in the theft of over $100 million in virtual assets. Balancer is a type of peer-to-peer lending service built on Ethereum, designed for individuals to borrow and lend virtual assets to each other.

Forced liquidation of virtual assets has also acted as a negative factor. According to Coinglass, on October 10, approximately $19 billion worth of positions were forcibly liquidated in the virtual asset market. In addition, the ongoing U.S. federal government shutdown is also believed to be contributing to the downward trend.

This content was produced with the assistance of AI translation services.