Major crash in the Bitcoin market

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News Desk:

The world’s top digital currency, Bitcoin, plunged more than 6% on Wednesday (November 5), dropping below the $100,000 mark for the first time since June.

Market analysts attribute the sharp decline to global stock market volatility and a growing investor shift toward safer assets.

Bitcoin Price Update

After days of steady decline, Bitcoin had been trading at $101,822 before sliding 3.7% to $99,010 per coin on Wednesday. In Bangladeshi currency, that’s roughly Tk 12.1 million (12.1 lakh taka) per Bitcoin.

How Bitcoin Rose — and Then Fell

Bitcoin’s price had surged to record highs earlier this year, especially after Donald Trump’s return to the U.S. presidency, which fueled optimism across the cryptocurrency market. In October, the price peaked at $126,186, but has since fallen by nearly 20%.

Analysts say the drop began after top Wall Street executives warned of a possible market correction. Following those remarks, investors started withdrawing funds from crypto and tech sectors, triggering a broader sell-off across digital assets.

The decline has wiped out much of the gains made over the past few months, halting the rally driven by institutional investment and AI-related enthusiasm.

Broader Economic Impact

The global tilt toward safe-haven assets has strengthened the U.S. dollar, which climbed to a four-month high against the euro. Meanwhile, U.S. Treasury yields fell, with the 10-year Treasury bond dropping to 4.087%. The euro fell for a fifth straight day to 1.148, its lowest since August 1, while the British pound slipped 0.72% to $1.30.

Ripple Effect on Oil Prices

The crypto market downturn also rippled through the oil market, as a stronger dollar weighed on commodity prices. U.S. crude oil dropped 49 cents to $60.56 per barrel, while Brent crude declined 45 cents to $64.44 per barrel.

Bitcoin’s latest plunge underscores the continued fragility of the digital asset market amid tightening global financial conditions and investor caution.