Bitcoin Falls Below $100K as Crypto Market Enters Bear Territory
Bitcoin prices fell sharply on Wednesday, briefly dropping below the $100,000 level amid a widespread sell-off across risk-driven markets. Mounting concerns over stretched valuations and an AI-fueled equity bubble spilled into the cryptocurrency sector, triggering steep declines across major tokens.
By 23:32 ET (04:32 GMT), Bitcoin traded 4.7% lower at $101,718.3, after hitting an intraday low of $99,010.06 — its weakest point since mid-June. The world’s largest cryptocurrency has now entered a bear market, having fallen more than 20% from its early-October record high of $126,186.
$1.3 Billion in Crypto Liquidations Deepen Market Pain
According to data from CoinGlass, over $1.27 billion in leveraged crypto positions were liquidated earlier this week, marking one of the largest liquidation events of the year. Most of the wiped-out trades were long positions, as bullish traders were forced to exit amid Bitcoin’s rapid price decline.
The losses mirrored a broader risk-off trend in global markets, where investors have turned cautious following warnings from major Wall Street bank CEOs. Executives from Goldman Sachs and Morgan Stanley cautioned that markets may face a 10–15% correction due to overvalued tech stocks.
The NASDAQ Composite, a key benchmark that often correlates with Bitcoin’s price movements, slid 2% on Tuesday, adding pressure to sentiment across the crypto market.
Bitcoin Miner Mara Holdings Posts Strong Q3 Results
In corporate news, Mara Holdings (NASDAQ:MARA) — one of the world’s largest Bitcoin mining firms and the second-biggest corporate holder of the cryptocurrency — reported better-than-expected third-quarter earnings.
The company’s stock rose over 3% in after-hours trading, even after closing the regular session down 6.7%. Mara posted a 92% year-on-year revenue increase and returned to profitability. The firm also expanded its Bitcoin reserves and announced plans to diversify into AI and data center operations beyond mining.
Altcoins Track Bitcoin Lower
The sell-off extended to altcoins, which fell sharply alongside Bitcoin on Wednesday.
- Ethereum (Ether) plunged 8.2% to $3,328.50, nearing the $3,000 mark and touching a four-month low.
- XRP declined 4% to $2.244, while BNB slipped 0.4% to $945.60.
- Solana dropped 4.9%, and Cardano eased 0.3%.
Among meme coins, Dogecoin rose 2.3%, while $TRUMP edged 0.6% lower.
