Bitcoin fell below $106,000 amid a cryptocurrency crash and approached October lows.
Cryptocurrencies fell sharply in price on Monday, and the rebound from the October 10 crash has almost completely disappeared.
Bitcoin (BTC) at $107,661.53, which fell below $108,000 the day before from above $110,000, plummeted to $105,500 in the first hours of the US trading session. It has fallen 4% over the past 24 hours and 8% over the past week.
Altcoins suffered more. Ether (ETH, $3,722.54) fell below $3,600, down 7% in the last 24 hours and 14% over the last week. Other major altcoins, such as Solana (SOL, $176.58), BNB (BNB, $1,029.56), DOGE (DOGE, $0.1743), and ADA (ADA, $0.5791), fell 8-10%.
The price drop spilled over into derivatives markets, resulting in the liquidation of more than $1 billion in leveraged trading positions across all digital assets on Monday, according to CoinGlass.
Even though Bitcoin has been trading around the $110,000 mark for several weeks without showing any significant movement in either direction, some analysts are sticking to the bullish predictions they made at the beginning of the year.
Tom Lee, co-founder and CIO of FundStrat Capital and chairman of Ethereum treasury firm Bitmine, said on CNBC Monday morning that he believes Bitcoin could reach $200,000 by the end of the year. He also predicted that Ethereum could reach $7,000 by 2026.
Shares of his company, Bitmine Immersion (BMNR), the largest corporate holder of ETH, fell 7.5% amid the cryptocurrency sell-off.
“Right now, fundamentals are driving crypto prices,” Lee continued, “so we’ll eventually consolidate and then start to rally towards the end of the year.”
Amid the ongoing AI boom, with a slew of new multibillion-dollar deals announced Monday, stocks surged but began to lose ground by mid-morning, with the Nasdaq up just 0.4% and the Dow Jones Industrial Average down 0.5%.
Shares of major cryptocurrency companies fell, led by Circle (CRCL), which fell 7%, and Gemini (GEMI), which fell 6%.
Coinbase (COIN) shares fell 4%, while Marathon Digital (MARA) shares fell by the same amount. Strategy (MSTR) shares fell 3%, as did shares of trading platform Robinhood (HOOD), which reports third-quarter earnings this week.
Source: cryptonews.net
