Bitcoin fell below the $100,000 level on Tuesday on at least some major exchanges — Coinbase, Gemini and Kraken, to name three — its weakest price since late June in a broader crypto market correction. The move below that price was met with at least a bit of buying, though, with BTC bouncing back to $101,300 within minutes.
The largest cryptocurrency now has declined more than 20% from its record high above $126,000, hit just one month ago. It also made a new low below the crypto flash crash on October 10, which ranked as possibly the largest liquidation events in crypto history, taking BTC to $103,000 from above $120,000 in less than a day.
In the following weeks, recovery attempts fizzled out as bounces above $110,000 met with quick selloffs.
Among the more recent catalysts for the selling is the Federal Reserve’s surprise hawkishness last week, with Jerome Powell and a growing number of his cohorts cooling expectations for another interest rate cut in December.
Bitcoin’s price struggles of late have been particularly frustrating for bulls as they’ve come alongside continued record-setting rallies in stocks and — until recently — gold. Today is notable, though, in that assets are selling off across the board, with the Nasdaq lower by 2% and gold off 1.6%.
Not correlated on the way up, but perfectly correlated on the way down. It’s been a rough autumn for bitcoin.
Read more: Bitcoin Careens Toward $100K as Morning Bounce Fails
