Bitcoin’s (BTC) price has fallen below $100,000 as the decline in cryptocurrencies worsens.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
BTC was trading at $98,316.00 in afternoon trading on Nov. 13 as crypto prices fell in tandem with stocks, particularly technology shares. The technology-laden Nasdaq index was down 560 points, or 2.40% on the day, as investors grow increasingly risk-averse.
Carnage in the crypto space is worse, with leading digital assets such as Ethereum (ETH) and Dogecoin (DOGE) down as much as 5%. The drop in Bitcoin comes after it hovered just above $100,000 for the past two weeks. BTC is now down 22% from an all-time high of just over $126,000 reached in early October. Bitcoin is technically in a bear market, defined as a drop of 20% or more from recent highs.
Troubles Mount
The selloff in Bitcoin and other digital assets comes as investors wrestle with a number of troublesome signs for markets. These include high stock valuations, a potential artificial intelligence (AI) bubble, a lack of data about the U.S. economy, and uncertainty about future interest rate reductions.
Futures traders now peg the chance of a December interest rate cut at less than 50%. The pullback has hurt crypto-linked stocks as well, especially Bitcoin miners with heavy AI data center exposure. Bitdeer (BTDR), Bitfarms (BITF), and Cipher Mining (CIFR) are each down 10% or more on Nov. 13.
Is Bitcoin a Buy?
Most analysts don’t offer ratings or price targets on Bitcoin. So instead, we’ll look at the three-month performance of BTC. As one can see in the chart below, the price of Bitcoin has fallen 10.02% in the last 12 weeks.
