Bitcoin (BTC) Price Drops After $19 Billion Liquidation
The BTC price drop follows the sudden liquidation of around $19 billion in leveraged positions, which was a shock that shattered investor confidence and left traders hesitant to bet on a rebound, according to the report.
This reversal is particularly surprising in a year when digital assets have gained greater acceptance among regulators, global banks and institutional investors, according to the Bloomberg report.
ALSO READ: The Truth About $600 Stimulus Checks: Who Is Eligible and When Payments Could Arrive
Trump’s crypto push boosted Bitcoin earlier this year
Earlier this year, US President Donald Trump’s efforts to make the US a cryptocurrency hub helped drive Bitcoin up as much as 35%, according to the report. However, sentiment has now shifted sharply and the total value of digital assets is lower than it was when Trump took office, according to Bloomberg.
Bitcoin Faces Biggest Weekly Drop Since March Bitcoin’s price fell 9% this week, putting it on track for its worst weekly performance since March, Bloomberg reported. The cryptocurrency also fell below its 200-day moving average, a key support level that has held since the 2022 bear market, according to the report.
ALSO READ: Mortgage rates today, November 7, 2025: 30-year fixed rates drop to 6.29%, 15-year fixed rates up to 5.42% – here’s how much you’ll pay on a $100,000 loan
BTC price today
As of Friday afternoon in London, Bitcoin was trading at just under $100,000, Bloomberg reported.
Altcoins Suffer Big Losses Amid Market Massive Selloff
The market as a whole was also affected, but altcoins, the smallest and most volatile cryptocurrencies, suffered the greatest losses. Augustine Fan, partner at SignalPlus, said that “with the exception of Bitcoin and Ether, cryptocurrencies have largely been trading flat for months,” adding, “There has been little new money flowing into alt tokens or DeFi projects,” as cited by Bloomberg.
Fan also pointed out that due to a few short-term catalysts and ongoing concerns about safety and regulation, participation from the general public is expected to remain low, according to the report.
Concerns over AI stocks add pressure on cryptocurrencies
Jeff Mei, chief operating officer of cryptocurrency exchange BTSE, explained that part of the recent downturn is related to fears that AI stocks are overvalued and warned that “if we see a massive sell-off in AI and tech stocks, it is very likely that Bitcoin could fall below the $100,000 mark and altcoins could fall even further,” as cited by Bloomberg.
Signs of stabilization in Bitcoin and Ether ETFs
Despite the slowdown, there are some signs of stabilization: After six straight days of net outflows, U.S. Bitcoin and Ether spot ETFs saw $253 million in inflows on Thursday, Bloomberg reported.
FAQs
Why did the crypto market fall in October?
A sudden liquidation of $19 billion in leveraged positions shook investor confidence.
How much did Bitcoin fall this week?
Bitcoin is down 9% this week, according to the Bloomberg report.
