Bitcoin crashes below $100K as panic selling hits
The leading digital currency tumbled on Wednesday as widespread selling pushed prices temporarily under the $100,000 threshold during a global retreat from riskier investments. Bitcoin declined 3.7 percent to settle at $101,822 after reaching an intraday bottom of $99,010.06, marking its lowest point since mid-June and confirming entry into bear market conditions with losses exceeding 20 percent from the October peak of $126,186.
Alternative cryptocurrencies mirrored the weakness as Ethereum dropped 6.76 percent to $3,331.65 while Solana and XRP each retreated 3.16 percent. Analytics platform CoinGlass reported that leveraged positions worth more than $1.27 billion were eliminated earlier during the week, with long bets absorbing most damage. Nearly $2 billion in total holdings disappeared across a single 24-hour period, though this remained modest compared with last month’s $19 billion wipeout.
The cryptocurrency decline paralleled broader troubles across stock markets, where artificial intelligence speculation and elevated valuations triggered heavy selling. The Dow Jones Industrial Average shed 251.44 points on Tuesday, while the S&P 500 fell 80.42 points and the Nasdaq Composite plunged 486.09 points. Options market activity suggested traders anticipate additional downside with contracts targeting the $80,000 level gaining attention.
