Morning Minute: Bitcoin Breaks Below $100K for First Time Since May
Bitcoin dropped below $100,000 for the first time since May, plunging by around 6% to just under that mark on Tuesday. This movement triggered a sell-off across various cryptocurrencies, with Ethereum (ETH) and Solana (SOL) also experiencing significant declines of 10-15%. The downturn caused many altcoins and meme tokens to lose much of their value, with some falling by over 30% in the past month, all while investor sentiment remained in Extreme Fear. However, signs of recovery appeared as Bitcoin rebounded to just over $102,000 within hours, suggesting potential stabilization in the market. Analysts note that such pullbacks are common in the crypto world and historically precede recoveries. Macroeconomic factors, including the anticipation of ending the US government shutdown and ongoing ETF inflows, provide a glimmer of hope amid the market turmoil. Major companies and projects continue to innovate, indicating a resilient underlying framework in the crypto space.
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