[Bitcoin Now] Bitcoin Falls Below $100,000 for the First Time Since June

Bitcoin has fallen below $100,000 for the first time since June.

According to global virtual asset market tracking platform CoinMarketCap, as of 8:32 a.m. on November 5, Bitcoin was trading at $101,178.41, down 4.98% from 24 hours earlier. This marks a 4.98% drop from 24 hours ago and a 10.40% decline from a week ago.

Around 6:35 a.m., Bitcoin fell as low as $99,171.11, briefly losing the $100,000 mark. This is the first time Bitcoin has dropped below $100,000 since June 22, when tensions in the Middle East escalated after the United States attacked Iranian nuclear facilities.

Altcoins also experienced a sharp decline. Ethereum (ETH) fell 8.90% from 24 hours ago to $3,275.23. Ripple (XRP) also dropped by 3.85%, while Binance Coin (BNB) and Solana (SOL) recorded declines in the 5-6% range.

The main reason for the decline appears to be the drop in U.S. technology stocks. Bloomberg reported that the sharp fall in tech stocks had an impact. On November 4 (local time), the Nasdaq closed at 23,348.64, down 486.09 points (2.04%) from the previous trading day. Bloomberg explained, "Bitcoin, often seen as a barometer of speculative momentum, is once again falling in tandem with the stock market."

Bitcoin has been on a continuous downward trend recently. Persistent negative factors affecting virtual assets are believed to be contributing. Recently, the cryptocurrency protocol 'Balancer' suffered a hacking attack, resulting in the theft of over $100 million in virtual assets. Balancer is a type of peer-to-peer lending service built on Ethereum, designed for individuals to borrow and lend virtual assets to each other.

Forced liquidation of virtual assets has also acted as a negative factor. According to Coinglass, on October 10, approximately $19 billion worth of positions were forcibly liquidated in the virtual asset market. In addition, the ongoing U.S. federal government shutdown is also believed to be contributing to the downward trend.