Bitcoin slid sharply on Wednesday, briefly falling under the $100,000 mark as a broad global market sell-off rattled investors and weakened demand for riskier assets.
The cryptocurrency dropped 3.7 percent to $101,822 after touching an intraday low of $99,010.06, its lowest level since mid-June. The decline places Bitcoin firmly in bear market territory, now down more than 20 percent from its early-October record high of $126,186.
Other major digital assets also lost ground. Ethereum was down 6.76 percent at $3,331.65, Solana declined 3.16 percent to $157.66, XRP fell 3.16 percent to $2.24, and Dogecoin eased 1.47 percent to $0.165.
According to market data provider CoinGlass, more than $1.27 billion in leveraged positions were liquidated earlier this week, the majority from traders holding long positions who were betting on continued price gains. Nearly $2 billion in total crypto positions were wiped out in the past 24 hours, though the volume was still far below the $19 billion in liquidations reported during last month’s steep downturn.
Analysts noted that open interest in Bitcoin futures remains muted, while options markets indicate growing expectations of further declines. Some traders are positioning for a potential slide toward the $80,000 level.
The downturn in digital assets comes alongside weakness in global equities. Concerns about stretched valuations, particularly in technology stocks linked to artificial intelligence, triggered heavy selling on Wall Street.
On Tuesday, the Dow Jones Industrial Average fell 251.44 points, or 0.53 percent, to 47,085.24. The S&P 500 dropped 1.17 percent to 6,771.55, and the Nasdaq Composite slid 2.04 percent to 23,348.64.
Market strategists said the retreat in Bitcoin reflects broader caution after months of rapid gains across both stocks and cryptocurrencies, driven in part by enthusiasm over AI and digital asset adoption. Many investors are now preparing for the possibility of a deeper correction if sentiment continues to weaken. (Source: IANS)
