Cryptocurrencies fell sharply again on Monday, with the rebound following the October 10 crash having now almost completely reversed.
Having already slipped below $108,000 from over $110,000 overnight, Bitcoin plunged to $105,500 in the early hours of the US trading session, now down 4% over the past 24 hours and 8% over the past week.
Altcoins carried a greater weight. Ether has plunged below $3,600, down 7% over the past 24 hours and 14% over the past week. Other major altcoins like Solana BNB , And fell by 8 to 10%.
The price drop rippled through derivatives markets, liquidating more than $1 billion in leveraged trade positions across all digital assets on Monday, according to CoinGlass data.
Although Bitcoin has been trading around the $110,000 mark for several weeks now, showing little momentum in either direction, some analysts are sticking to the bullish forecasts they made earlier in the year.
Tom Lee, co-founder and CIO of FundStrat Capital and president of Ethereum-focused treasury company Bitmine, said Monday morning on CNBC that he believes bitcoin could still reach $200,000 by the end of the year. Ethereum, he said, could reach the $7,000 mark before 2026.
Its Bitmine Immersion (BMNR), the largest company holding ETH, fell 7.5% amid the crypto selloff.
“Right now, fundamentals are driving crypto prices,” Lee continued, “so ultimately we consolidate and then we recover through the end of the year.”
Riding the continued AI boom – with a plethora of new multibillion-dollar deals announced Monday – stocks opened sharply higher, but were giving up their gains by mid-morning, with the Nasdaq now ahead just 0.4% and the DJIA down 0.5%.
Shares of major crypto companies fell, led by Circle (CRCL), down 7%, and Gemini (GEMI), down 6%.
Coinbase (COIN) fell 4%, while Marathon Digital (MARA) fell the same amount. Strategy (MSTR) slipped 3%, as did trading platform Robinhood (HOOD) which released its third quarter results this week.
