Bitcoin Falls Below $100,000—Here’s Why Crypto Prices May Be Dropping
Bitcoin prices dropped below $100,000, a five-month low, on Tuesday, part of a broader decline for the crypto market over the last month as investors appeared to pull away from riskier assets while the Federal Reserve cautiously approaches interest rate cuts.
The price of bitcoin decreased 6.4% over the last day to around $99,780, matching levels not seen since June, when the cryptocurrency last priced under $100,000.
Bitcoin (down 12.4%) has led a broader decline for crypto prices over the last seven days: Ethereum prices have dropped 20.8%, XRP fell 18%, BNB is down 19.2%, Solana has fallen 22.2% and the meme token dogecoin has cut 20.8%.
Bitcoin topped out at a new record high above $126,000 on Oct. 6, before prices declined nearly 11% in the lead-up to the Federal Reserve’s decision to cut interest rates by a further quarter-point last week, though Fed Chair Jerome Powell suggested an additional reduction to rates isn’t guaranteed in December.
