Bitcoin dipped into a bear market on Tuesday, just a few weeks after touching a fresh all-time high.
The token traded below $100,000 for the first time since June, good for a decline of 21% from its most recent record high of $126,200 hit on October 6.
It was a month of dashed hopes for the world’s largest cryptocurrency, as dreams of “Uptober” faded with bitcoin suffering its first losing October in seven years.
Tuesday’s sell-off of over 5% coincided with broader weakness in risk assets. Stocks tumbled on valuation concerns following Palantir’s latest earnings and warnings from top bank execs.
However, the trouble for bitcoin has been brewing for weeks, and the market has been dealing with a cocktail of…