"Bitcoin's shaky October extended into the first week of November, as the broader outlook for crypto appears to be souring. On Tuesday, Bitcoin's price dipped about 21% since its all-time high last month to roughly $99,000, while other cryptocurrencies fell even more sharply. And while Bitcoin has since clawed back over the key psychological $100,000 mark, some think the crypto sector's remarkable run may be over for the time being."
"The declines for Bitcoin and for other cryptocurrencies have been especially sharp over the past week. As of Thursday, Bitcoin slightly recovered to just under $103,000 but is still down roughly 5% in the last week. Ethereum is down roughly 12% to just under $3,372, and Solana is down about 19% to just under $158 during that time. Ethereum and Solana-the most prominent non-Bitcoin currencies known as alt-coins-hit record prices earlier in the year but have come down significantly. The former has plummeted roughly 30% since August, while the latter is down about 41% since January."
"Meanwhile, the crypto market is still recovering from a flash crash on October 10 where traders experienced the worst crypto liquidation event in history, according to the analytics company CoinGlass. That day, exchanges liquidated more than $19 billion in leveraged positions. The flash crash followed Trump's Truth Social post in which he said the U.S. would impose a 100% tariff on China, "over and above" any tariff they were already paying."
Bitcoin fell about 21% from its all-time high to roughly $99,000 before briefly reclaiming the $100,000 level. Over the last week Bitcoin was down about 5% to just under $103,000, Ethereum fell roughly 12% to about $3,372, and Solana dropped roughly 19% to near $158. Ethereum is down roughly 30% since August and Solana about 41% since January. The crypto sell-off coincided with uncertainty around Federal Reserve policy and a pullback in the S&P 500, and followed an October 10 flash crash that liquidated more than $19 billion in leveraged positions.
Read at Fortune Crypto
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