Bitcoin Crashes Below $100k Briefly as Sell Pressures Persist
Reflecting sustained negative sentiment, Bitcoin crashed below $100k briefly in the latest sell pressures that dragged the world’s largest digital asset market capitalisation below $2 trillion.
BTCUSD hit a record high of $126,272 in early October. By month’s end, it had slipped 4%, closing the month in negative territory.
Details from CoinMarketcap.com showed that over the last 24 hours, Bitcoin has lost about 3% of its market value as trading volume reached $80.652 billion.
A review of BTCUSD trading data showed price has declined by 8.90% in the last seven trading session across cryptocurrencies exchange.
Bitcoin pullback was spurred by sell pressure from institutional investors including Blackrock which recently offloaded a chunk of the asset holdings. Fed signal to slowdown rate cut triggered sell pressures
Sentiment remains fragile as investors weigh whether the Federal Reserve’s recent rate cut will be enough to keep liquidity flowing – or if Powell’s cautious tone means the tightening cycle isn’t fully over.
Ethereum is also on a downward trend on Friday, recording a 4.33% price depreciation over the last 24 hours. ETHUSD has seen significant price depreciation of 16.1% in a week as the altcoin struggles to keep momentum.
Trading data shows Ethereum is trading at $3220 levels as trading volume reached $40.752 billion during the intraday trading session on Friday.
The volume driven by sell-side retail and institutional investors in the crypto market dragged the market value of Ethereum downward to $390.120 billion. Oando Plc: Resilient Energy Group Faces Earnings Storm
