Bitcoin (BTC-PKR) slipped below the psychological threshold of $100,000, sparking fresh jitters across the cryptocurrency industry. The decline comes amid a broader risk-off sentiment in global finance, accelerating a selloff in digital assets at a worrying pace.
On Tuesday and Wednesday, Bitcoin fell more than 6 percent, sliding to its lowest level since late June. The wider crypto market lost billions of dollars in value, with trading volumes surging and liquidations spiking, over $1.3 billion in forced trades in a single day.
Key drivers include:
The ripple extended to altcoins and broader risk assets. Ethereum, Solana, and other large tokens plunged between 5 and 10 percent as panic spread.
U.S. equities also slumped, with the S&P 500 falling 1.17 percent and the Nasdaq dropping 2.04 percent, suggesting crypto is now firmly tied to global market sentiment. The U.S. dollar index rose as safe assets regained favor, reducing demand for speculative holdings like crypto.
For years, crypto was seen as detached from traditional finance; recent moves suggest otherwise. When tech stocks, macro outlooks, and digital-asset allocations all fall together, it points to a wider reevaluation of risk across markets.
Analysts say if Bitcoin fails to reclaim this level, the next support band lies near $94,000 or lower. Sustained outflows could deepen the slide, making fund movement a critical metric to watch. Upcoming U.S. labor data, Federal Reserve remarks, and global trade updates could further affect sentiment. Traders are monitoring leveraged positions, futures liquidations, and wallet-holder behavior, which often signal major market moves.
Bitcoin’s loss of a major support level and the synchronized retreat across global markets hint at deeper structural stress. While long-term optimism for crypto remains, the immediate road ahead is uncertain.