Bitcoin price drops below $100,000 for the first time in six months

Bitcoin's price fell as low as $99,954 on Coinbase and as low as $99,990 on CoinMarketCap. Currently, the cryptocurrency is down 6.3% on the former to $100,436.73, while on the latter, it's down 6.0% to $100,542.33.

Almost a month ago, on October 6th, the largest cryptocurrency reached a record high of $126,184. It fell sharply shortly thereafter. Brian Huang, co-founder and CEO of Glider, a cryptocurrency portfolio management service provider, believes the market is still grappling with the fallout from the events of October 10th, which affected approximately 1.6 million traders and caused the cryptocurrency market capitalization to drop by nearly $800 billion.

"We are still grappling with the aftermath of 'Black Friday' in the cryptocurrency world. After the liquidation of $20 billion, many investors and traders withdrew funds from risky assets," said Glider. "There is a clear rotation towards stablecoins, which have reached record levels in circulation," he added.

Decrypt notes that approximately $1.3 billion worth of positions have been liquidated in the cryptocurrency market over the past 24 hours. The largest liquidation was in the case of Bitcoin, amounting to approximately $470 million.

Despite a recent weaker period, bitcoin is still up around 7.5% this year and 50% over the past 12 months.