This article is by Hyeon Ye-seul and read by an artificial voice.



Bitcoin, the largest cryptocurrency by market capitalization, fell below $100,000 for the first time since June.

According to U.S.-based crypto exchange Coinbase, Bitcoin was trading at $99,306 as of 4 p.m. Eastern Standard Time on Tuesday, down about 7 percent from 24 hours earlier. The figure is about 21 percent lower than its all-time high of $126,210.50 recorded on Oct. 6.

It is the first time Bitcoin has dipped below the $100,000 mark since June 22, when tensions in the Middle East spiked following a U.S. strike on an Iranian nuclear facility.

CNBC attributed the drop to growing concerns over the AI-driven stock rally, noting that crypto investors are increasingly steering away from risk assets. Since many crypto investors also invest in AI-related tech stocks, cryptocurrencies and the Nasdaq often show similar price movements, the outlet said.

Bloomberg also drew a comparison between Bitcoin's recent slide and the pullback in high-flying tech stocks, noting that Bitcoin is often seen as a gauge of speculative momentum and therefore once again falling in step with the stock market.

"Bitcoin and the broader crypto market is exhausted," Haonan Li, founder of Ethereum-based stablecoin platform Codex, told CNBC. "Even with stablecoin growth, rising [real-world asset] volumes, and Bitcoin increasingly behaving like an institutional store of value - the market doesn't care. Bad news is very bad for crypto right now […] and good news barely moves the needle."

Ed Engel, an analyst at Compass Point, also noted that, "While selling from long-term holders is a common feature in bull markets, retail spot buyers have been less engaged than prior cycles [...] While we see support for BTC above $95k, we also don't see many near-term catalysts."

Meanwhile, Ethereum, the second-largest cryptocurrency, dropped even further - plunging 12 percent over the past 24 hours to around $3,100 per coin.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.