Bitcoin teeters near $100,000, ether turns negative for the year amid crypto pullback
Cryptocurrencies are experiencing a market-wide pullback, pushing Bitcoin near $100,000 and causing Ether to erase its year-to-date gains.Summary
The cryptocurrency market is undergoing a significant pullback, with Bitcoin trading dangerously close to the psychological $100,000 level, having dipped as low as $100,050. Ethereum's native token, ETH, fell below $3,300, erasing its gains for the year, as it trades near its opening price of $3,285. This market-wide downturn affects nearly all tokens, with BNB Chain and Solana also seeing losses over 7.8%, bringing the total crypto market cap down by 5.8% to $3.45 trillion. Analysts suggest traders are losing conviction following September's massive liquidation event, and they may be factoring in expectations of the Federal Reserve cooling interest rate cuts. The decline is further compounded by recent ETF redemptions, with Bitcoin ETFs seeing $187 million in net outflows and ETH ETFs losing $136 million on Monday.
(Source：The Block)