The leading cryptocurrency has plunged to the lowest level since June while major altcoins are getting hit even harder.
Bitcoin, the flagship cryptocurrency, plunged below the $100,000 level earlier today for the first time since June 22.
It reached an intraday low of $99,941 on the OKX exchange before paring some losses. At press time, it is trading at $101,299.
The top coin has now officially entered correction territory, plunging by more than 22% from its record peak that was achieved earlier this month.
The odds of Bitcoin collapsing all the way to $90,000 this year have now reached 51% on betting website Polymarket. For comparison, there was only an 11% chance of Bitcoin hitting that level just a month ago. This shows how quickly sentiment changes.
Bitcoin’s most recent crash has been triggered by a recent sell-off in US equities due to growing artificial intelligence (AI) bubble fears.
The leading cryptocurrency is now up just by a mere 8% this year, substantially underperforming gold.
Meanwhile, Ethereum has now turned negative for the year, plunging below $3,300. The altcoin is now down by as much as 34% from its record peak.
