Bitcoin Price Plunges Toward $100K as Analysts Call the Start of a Bear Market
Bitcoin cannot catch a break on Tuesday as its adverse price movements continue to dig new lows, with the latest being at just under $101,000.
With the asset now on the brink of its first price dump below $100,000 since June, whales and treasury companies have begun to offload, while some analysts believe this is the official start of a bear market.
Sequans Communications, one of the numerous BTC treasury firms, announced today that it had redeemed 50% of convertible debt issued to purchase bitcoin by selling off 970 units of the cryptocurrency. Thus, it reduced its total outstanding debt from $189 million to $94.5 million. Its BTC stash has dropped to 2,264 from 3,234.
In another bearish development, which intensified the immediate selling pressure on the asset, whales had offloaded $272 million worth of the asset, as reported by popular analyst Ali Martinez.
These moves have only added to the overall negative landscape in the crypto industry for the past week. Recall that BTC challenged the $116,000 resistance last Tuesday only to be rejected and driven south hard.
The beginning of the current business week has been particularly painful. Bitcoin was stopped at $111,000 on Sunday and has dumped by $10,000 since then to just under $101,000 hours ago.
Moreover, the cryptocurrency has retraced by roughly 20% since its all-time high marked less than a month ago. As such, the Kobeissi Letter categorized it as the beginning of the bear market.
The altcoins have been in an even worse state over the past day. TAO leads the adverse trend with a massive 18% decline, followed by IP, APT, KAS, OKB, TON, SOL, and many others.
The larger caps have suffered badly as well, with ETH dumping by 7%, XRP by 6%, BNB by 8%, and SOL by 8.5%.
The post Bitcoin Price Plunges Toward $100K as Analysts Call the Start of a Bear Market appeared first on CryptoPotato.
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