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Bitcoin tumbled sharply, losing nearly 6% in a single day and slipping to around $100,000, as renewed hawkish signals from the U.S. Federal Reserve Chair Jerome Powell rattled investors and reignited risk aversion across global markets. The world’s largest cryptocurrency has seen its value erode by almost 18% over the past month, marking one of its steepest short-term declines this year.
The sell-off intensified after a wave of liquidations on October 10 wiped out roughly $20 billion in Bitcoin positions, deepening pressure across the digital asset landscape. Market observers note that institutional players have been a driving force behind recent price swings, as sentiment turns cautious in the face of tighter monetary expectations.
Despite the pullback, Bitcoin remains significantly higher than it was a year ago—up more than 46%—and continues to dominate the cryptocurrency market with a capitalization near $2 trillion. Since November 2024, its value has surged over 50%, reflecting both investor enthusiasm and volatility in equal measure.
Other major cryptocurrencies joined the downturn, with Ethereum, Dogecoin, and XRP all logging losses of around 5–7% over the day. The decline also weighed on Bitcoin-linked exchange-traded funds, which tracked the broader slump in digital assets, shedding between 5% and 12%.
While Bitcoin’s long-term supporters continue to hail it as a revolutionary alternative to traditional money, the current selloff underscores the asset’s vulnerability to global monetary shifts. For now, traders are watching whether the digital coin can hold key support levels around the $100,000 mark, as markets brace for the next major move in the world’s most-watched cryptocurrency.
