The price of Bitcoin (BTC) has now dropped below $95,000 U.S. as the global rout in cryptocurrencies worsens.
Prices for digital assets have been on a downward trajectory since mid-October as investors turn more risk averse and move out of digital assets and high-flying technology stocks.
Consequently, Bitcoin’s price has declined to $94,896.03 in early trading on Nov. 14, down 4% in the last 24 hours. A key support level for Bitcoin was $100,000 U.S., say analysts.
The slide lower in BTC comes as other cryptocurrencies also fall deeper into the red. Ethereum (ETH), Solana (SOL), and XRP (XRP) have each fallen more than 5% in the past day.
Ethereum’s price is now close to $3,000 U.S. and at risk of breaking below that key support level.
Crypto prices appear to be falling in tandem with technology stocks tied to the artificial intelligence (A.I.) trade such as Nvidia (NVDA), CoreWeave (CRWV), and Tesla (TSLA).
Analysts say other factors dragging crypto prices lower include a lack of economic data out of Washington, D.C. and diminishing expectations for a December interest rate cut in the U.S.
Outflows from spot Bitcoin and Ethereum exchange-traded funds (ETFs) have also accelerated in recent weeks as investors shift capital to safe haven assets such as gold and blue-chip stocks.
Bitcoin is now up only 2% on the year after reaching an all-time high of $126,000 U.S. in early October.
