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Bitcoin, the leading cryptocurrency, fell below the $100,000 level earlier today for the first time since June 22.
It reached an intraday low of $99,941 on the OKX exchange before paring some losses. At press time, it is trading at $101,299.
The top coin has now officially entered the correction territory, sinking by more than 22% from its record peak that was achieved earlier this month.
The probability of Bitcoin collapsing to $90,000 this year has now reached 51% on the betting website Polymarket. By comparison, there was only an 11% chance of Bitcoin hitting that level just a month ago. This shows how quickly sentiment changes.
The most recent Bitcoin crash was triggered by a recent sell-off in US stocks due to the growing fear of artificial intelligence (AI) bubbles.
The leading cryptocurrency is now only up 8% this year, substantially underperforming gold.
Ethereum goes negative by 2025
Meanwhile, Ethereum turned negative for the year, falling below $3,300. The altcoin is now down as much as 34% from its record peak.
