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Bitcoin it fell below $100,000 for the first time in more than four months, having seen a sharp drop earlier in the week.
Bitcoin was last trading 1.22% lower on the day at $102,617, dipping to a base point at $98,950. Tuesday marked the first time since June 23 that Bitcoin traded below $100,000. A total of $1.7 billion was liquidated in positions in the crypto market in the last 24 hours, with Bitcoin accounting for $487 million.
Crypto traders have been largely on the sidelines following October’s lightning crash, with the month’s historically strong seasonality not materializing this year.
Last week, Federal Reserve Chairman Jerome Powell downplayed expectations for another interest rate cut in December, adding to bearish market sentiment.
Satoshi’s Bitcoin stash drops $9 billion
As crypto traders count their losses, the wallets of Bitcoin’s pseudonymous creator Satoshi Nakamoto took a $9 billion hit, according to Arkham data.
Satoshi owns 1.096 million BTC, which remained untouched, with its current value now $112.37 billion.
On November 3, the value of the billion Satoshi was above $ 121 billion, the shortfall amounts to a loss of $ 9 billion in a matter of two days. This follows two days of sharp falls, when Bitcoin fell from a high of $110,749 on November 3 to a low of $98,892 on November 4.
In positive news, Bitwise’s chief investment officer, Matt Hougan, says that the retail crypto investor’s sell-off is close to “exhaustion”, predicting a bottom in the price of Bitcoin that will come sooner rather than later.
In a CNBC interview on Tuesday, Hougan was optimistic, predicting Bitcoin to a new record high by the end of the year.
