Cryptocurrencies are declining to start November, continuing the selloff they experienced in October.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, is currently trading at $103,000 U.S., its lowest level since June of this year.
Analysts are now warning that Bitcoin is likely to fall below the key threshold of $100,000 U.S. amid a broader decline in digital assets.
Bitcoin has been struggling over the past month and endured its worst October performance since 2018, falling 10% in what is typically the strongest period of the year for crypto.
Other cryptocurrencies are also sliding lower, with prices for Ethereum (ETH), Dogecoin (DOGE) and XRP (XRP) down nearly 10% each in the past 24 hours alone.
The accelerating selloff in crypto comes as equity markets turn sharply lower to begin November, with the technology-laden Nasdaq index down 350 points on Nov. 4.
Market commentators are attributing the struggles of cryptocurrencies to a range of factors that have made investors more risk averse in recent weeks.
Those factors include the U.S. government shutdown, a strengthening U.S. dollar, and worries about high stock valuations, particularly related to the artificial intelligence (A.I.) trade.
Bitcoin’s gains on the year have now decreased to 11%.
