Morning Minute: Bitcoin Breaks Below $100K for First Time Since May
Bitcoin experienced a significant drop, falling below the $100,000 threshold for the first time since May, as the broader crypto market saw declines of 2-5%. The price dipped around 6% on Tuesday, with Bitcoin hitting lows near $99,000. Ethereum and Solana followed suit, decreasing 10-15% as ETH fell below $3,100 and SOL dropped below $150. Despite this downturn, there are signs of recovery with Bitcoin rebounding back to $102,000 and ETH surpassing $3,340. Market sentiment, while currently in 'Extreme Fear', reflects the usual volatility associated with large crypto assets. Historically, pullbacks like this precede recovery phases, which some industry analysts suggest might soon occur with ongoing US economic improvements and predictions of ETF inflows. Optimism remains as market participants navigate this bearish phase, pointing out that such corrections have been part of previous cycles leading to eventual gains.
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