Bitcoin fell below $100,000 overnight for the first time since June, as a $45 billion (£34.5 billion) sell-off by long-term holders deepened losses across the cryptocurrency market.
The world’s largest digital asset later recovered slightly to trade just above $101,000 on Tuesday morning but remains down roughly 20% from its record high above $126,000 reached last month.
Bitcoin falls to five-month low as crypto market struggles to recover
According to Markus Thielen, head of 10x Research, long-standing Bitcoin investors have offloaded around $45 billion worth of the cryptocurrency over the past month, contributing to the sustained decline.
Data from CoinGlass showed that approximately $2 billion in crypto positions were liquidated in the past 24 hours, underscoring heightened market volatility and investor caution following recent record-breaking rallies.
Analysts said the retreat reflects a broader correction in digital assets as traders reassess valuations after months of speculative inflows into Bitcoin and other leading cryptocurrencies.
Cryptocurrencies have struggled to regain momentum after roughly $400 billion (£300 billion) was wiped from total market value in less than 24 hours last month — one of the most severe declines in crypto history.
