Bitcoin fell below the $100,000 level on Tuesday on at least some major exchanges — Coinbase, Gemini and Kraken, to name three — its weakest price since late June in a broader crypto market correction. The move below this price was met with at least a bit of buying, however, with BTC bouncing back to $101,300 within minutes.
The largest cryptocurrency is now down more than 20% from its all-time high of over $126,000 hit just a month ago. It also made a new low during the Oct. 10 crypto flash crash, which ranked as possibly the biggest liquidation events in crypto history, taking BTC to $103,000 from over $120,000 in less than a day.
In the following weeks, attempts at a recovery fizzled out as rejections above $110,000 were met with rapid sell-offs.
Among the more recent catalysts for the sell-off is the Federal Reserve’s surprisingly hawkish surprise last week, when Jerome Powell and a growing number of his cohorts cooled expectations for another rate cut in December.
Read more: Bitcoin moves toward $100,000 as morning bounce fails
