Prices for leading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have fallen to their lowest levels in more than three months as sentiment among jittery investors turns bearish.
Bitcoin is currently trading at $105,750 U.S., its lowest level since June, as investors move away from risk assets amid market fears about bad bank loans and high stock valuations.
The price of Bitcoin has fallen 6% in the past 24 hours and is trading 17% below the record high of just over $124,000 U.S. reached at the start of October.
Other leading cryptocurrencies such as Ethereum, XRP (XRP), and Dogecoin (DOGE) also continue to slide lower as investor sentiment turns increasingly bearish.
Cryptocurrencies have steadily declined since Oct. 10 as a number of issues rattle markets, including the potential for an all-out trade war between China and the U.S.
Investors are also fretting about the ongoing U.S. government shutdown, high valuations related to artificial intelligence (A.I.) stocks, and credit risks among regional banks in the U.S.
Some analysts are now warning about a stock market bubble bursting, sending many investors into safe have assets such as gold and bonds.
Bitcoin, the largest cryptocurrency by market capitalization, fell as low as $103,000 U.S. on Oct. 10 but managed to claw its way back to $110,000 U.S. before falling again.
Bitcoin has now dropped below its 200-day moving average, and traders and analysts are planning for the price to fall below the key support level of $100,000 U.S. as markets reset.
