Bitcoin Dives Below $100K for Third Time This Month as Crypto Liquidations Top $500 Million

The price of Bitcoin it fell below $100,000 for the third time this month as investors sold risk assets such as cryptocurrencies and technology stocks, with broader concerns about the economy weighing on markets.

The price of the largest digital currency recently stood at $99,611, according to CoinGecko data, after a fall of more than 2% in the last 24 hours. Bitcoin has sunk below the mythical $100,000 mark on the 4th of November for the first time since May, and then dipped below the brand again on the 7th of November after a shoot.

In October, the currency set a new record price of $126,080, but broader concerns over employment data pointed almost relentlessly toward an economic slowdown.

Pepperstone research strategist Dilin Wu said Decrypt that the currency on the medium term could also hit new highs, but the volatility on the short term should be expected.

“In particular, institutional participation and whale activity have declined, and ETF flows have continued, showing that the key forces needed to drive a sustained rally are still absent,” he said.

Over the past two weeks, investors have largely pulled cash from US Bitcoin ETFs, leading to price declines as billions of dollars in assets left the funds.

Users on Myriad Markets-a prediction market managed by Decryptthe parent company of Dastan,remain bullish on Bitcoingiving the coin a 59% chance of hitting $115,000 before it can drop to $85,000.

Elsewhere, the price of the second largest digital currency, ethereumwas down by 5%, trading hands for close to $3,265.

Solana was down slightly about 3.5%, trading at about $ 148, while XRP rose 0.5% – to $2.36 – on news that a spot ETF that gives exposure to the asset began trading on Thursday.

Daily liquidations of crypto positions recently reached $501 million, as of CoinGlasswith Bitcoin adding about $165 million to the tally. Long positions, or bets that the price of an asset will rise, account for about $380 million of the total liquidations.

Still, some remain bullish on crypto prices, with Joe DiPasquale, CEO of crypto fund manager BitBull, saying Decrypt let the BTC push higher after the dip.

“Bitcoin is still in an uptrend because every pullback has produced a higher low, and buyers continue to defend the support quickly,” he said, “This stable supply also shows in the major currencies.”