Bitcoin Price Slides Below $90K. A Few Reasons Cryptos Are Down Big Today.
Market Intelligence Analysis
AI-PoweredBitcoin's price has dropped below $90,000, down over 30% from its record high, due to a technical correction and investor caution.
Market impact analysis based on bearish sentiment with 89% confidence.
Article Context
Bitcoin traded as low as $86,336 today, off more than 30% from its record high of $126,272.76 on Oct. 6. It isn’t entirely surprising that the digital asset didn’t get a boost from Nvidia given that the coin is in a technical correction, defined as a fall of 20% or more from a recent high. “A significant number of investors are dipping into the negative,” Stéphane Ouellette, CEO of FRNT Financial, a Toronto-based digital asset investment bank, told Barron’s. Since many bought Bitcoin around $90,000, they may be extra cautious about buying more when they’re underwater on their holdings.
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