Cryptocurrencies took another sharp leg lower on Monday, with the rally from the October 10 crash now largely reversed.
Already after falling below $108,000 from over $110,000 overnight, bitcoin down to $105,500 in the early hours of the US trading session, now down 4% over the past 24 hours and 8% over the past week.
Altcoins bore a greater burden. Ether fell below $3,600, down 7% over the past 24 hours and 14% over the past week. Other major altcoins like solana GDP , and fell 8%-10%.
The drop in prices rippled across derivatives markets, liquidating over $1 billion in leveraged trading positions across all digital assets on Monday, CoinGlass data shows.
Despite bitcoin trading around the $110,000 mark for several weeks now, showing little momentum in either direction, some analysts are sticking to bullish forecasts they made earlier this year.
Tom Lee, co-founder and CIO of FundStrat Capital and chairman of Ethereum-focused financial firm Bitmine, said on CNBC Monday morning that he believes bitcoin could still reach as high as $200,000 by the end of the year. Ethereum, he said, could reach the $7,000 mark before 2026.
His Bitmine Immersion (BMNR), the largest corporate holder of ETH, fell 7.5% amid the crypto selloff.
“Right now fundamentals are leading prices in crypto,” Lee continued, “so eventually we’ll consolidate and then we’ll rally for the end of the year.”
Amid the continued AI boom — with a flurry of new multi-billion-dollar deals announced Monday — stocks opened sharply higher but gave up gains by mid-morning, with the Nasdaq now ahead just 0.4% and the DJIA lower by 0.5%.
Shares of major crypto firms fell, led by Circle ( CRCL ), down 7%, and Gemini ( GEMI ), down 6%.
Coinbase (COIN) fell 4%, while Marathon Digital (MARA) fell by the same amount. Strategy ( MSTR ) fell 3%, along with trading platform Robinhood ( HOOD ), which reports third-quarter earnings this week.
