Falls Below $100K for First Time Since June

Bitcoin BTC$104,608.94 fell below the $100,000 level on Tuesday on at least some major exchanges — Coinbase, Gemini and Kraken, to name three — its weakest price since late June in a broader crypto market correction. The move below that price was met with at least a bit of buying, though, with BTC bouncing back to $101,300 within minutes.

The largest cryptocurrency now has declined more than 20% from its record high above $126,000, hit just one month ago. It also made a new low below the crypto flash crash on October 10, which ranked as possibly the largest liquidation events in crypto history, taking BTC to $103,000 from above $120,000 in less than a day.

In the following weeks, recovery attempts fizzled out as bounces above $110,000 met with quick selloffs.

Among the more recent catalysts for the selling is the Federal Reserve’s surprise hawkish surprise last week, with Jerome Powell and a growing number of his cohorts cooling expectations for another interest rate cut in December.

Read more: Bitcoin Careens Toward $100K as Morning Bounce Fails