Worst October since 2018: Bitcoin price falls below 100,000 US dollars
After Bitcoin lost significant value in October, its price has now fallen below 100,000 US dollars, at least temporarily.
(Image: Artit Wongpradu/Shutterstock.com)
The price of a Bitcoin has fallen below 100,000 US dollars for the first time in four months and is now fluctuating around this psychologically important mark. The most significant cryptocurrency by far has lost 10 percent of its value in the past seven days alone, with others falling even more sharply at times. Ethereum, for example, the largest Bitcoin alternative, has lost almost half its value in just over a month, and other cryptocurrencies have seen similarly massive price drops. The downward spiral was triggered by, according to Bloomberg, an escalation in the trade dispute between the USA and China, which caused a massive sell-off at the beginning of October, from which crypto assets have not recovered—quite the opposite.
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The at least temporary fall below the 100,000 US dollar mark was preceded by an unusually negative month of October. For years, October has been particularly good for Bitcoin; the last time it lost value in October was in 2018. That was followed by a particularly catastrophic November, when the price of a Bitcoin was still a few thousand US dollars. How the cryptocurrency will develop now remains to be seen. CNBC already quotes an expert with the observation that bad news in traditional financial markets has recently always been particularly bad for cryptocurrencies, while good news has had no major impact.
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The majority of the recent price losses were incurred by Bitcoin on the second weekend of October, when US President Donald Trump announced further tariffs on Chinese goods of another 100 percent. Stock markets then fell noticeably, while the situation on crypto exchanges was even worse. Bitcoin alone plunged from over 120,000 US dollars to about 112,000. This was followed by a sideways movement for several days before prices started to fall again last week. Since late Tuesday, the price has been largely stable, slightly above 100,000 US dollars.
(mho)
