Stock market today: S&P 500 falls as job cuts stoke economic fears, tech stutters
Investing.com-- Bitcoin slid lower on Wednesday, briefly breaking below the coveted $100,000 level as a broader sell-off in risk-driven markets, on concerns over stretched valuations, spilled over into cryptocurrencies.
The world’s largest crypto traded down 1.4% at $103,030 by 09:48 ET (14:48 GMT). It had earlier in the session fallen as low as $99,010.06, its weakest level since mid-June.
Bitcoin also entered a bear market, having fallen over 20% from its early-October record high of $126,186.0.
Broader crypto prices all logged heavy losses on Wednesday, extending declines seen earlier this week as traders dumped risk-driven assets across the board.
Bitcoin slumps after $1.3bn liquidation spree, analysts say headwinds are temporary
Bitcoin’s losses also came as data from analytics firm CoinGlass showed over $1.27 billion in leverage positions across crypto were wiped out earlier this week.
A bulk of these liquidations were of long positions, as traders betting on more price gains in Bitcoin were liquidated by steep losses in the world’s biggest crypto.
Bitcoin’s losses came tracking a broader sell-down in global risk-driven markets, amid growing concerns over an artificial intelligence-fueled bubble in equity valuations.
Fears of stretched valuations were further stoked by the CEOs of several major Wall Street banks warning of an imminent pullback on Tuesday, which caused steep losses in U.S. markets.
The NASDAQ Composite, which Bitcoin and crypto prices tend to track, slid 2% on Tuesday.
But despite the sharp pullback, some market participants believe Bitcoin’s broader uptrend remains intact.
“BTC remains structurally bullish for now given the rate-cutting environment, though facing short-term bearish pressure driven by macro factors," Stan Low, Operations and Research at Grvt, told Investing.com.
Andri Fauzan Adziima, a research analyst at crypto exchange Bitrue, echoed this view.
”This is merely the fourth correction in the 2025 bull cycle (a routine cleanse), not the onset of a prolonged winter," he told Investing.com.
"ETF outflows, a hawkish Fed, and retail capitulation are simply temporary purges following October’s euphoria, while historical data shows every 20%+ drawdown in a bull market typically sparks a 40%+ rebound within 60 days,” he added.
November’s losses come after Bitcoin weakened in October, with the world’s biggest crypto struggling to recover after a flash crash in the beginning of the month.
Mara Holdings clocks strong Q3 earnings, shares rise
Mara Holdings (NASDAQ:MARA), a major Bitcoin miner and the world’s second-largest corporate holder of the crypto, clocked stronger-than-expected third-quarter earnings on Tuesday.
This sent the company’s shares up over 3% in aftermarket trade, although they were still nursing a 6.7% loss during the session.
Mara clocked a 92% year-on-year jump in its revenue, and also swung to a quarterly profit. The company benefited from increasing its Bitcoin holdings during the quarter, while also furthering its plans to pivot into AI and data center services from Bitcoin mining.
Ripple valued at $40bn after new $500mn funding round
Ripple said Wednesday it raised $500 million in a new funding round that values the crypto firm at $40 billion. The investment was led by Fortress Investment Group and Citadel Securities.
The round follows Ripple’s $1 billion tender offer earlier this year at the same valuation. The company said the fresh capital will help strengthen ties with financial institutions and support the expansion of its product suite, which now spans custody, stablecoins, prime brokerage, and corporate treasury services.
With a more crypto-friendly Trump administration, Ripple plans to expand institutional adoption of its XRP token and deepen its presence in capital markets.
Crypto price today: altcoins slide tracking Bitcoin
Broader crypto prices fell across the board on Wednesday, tracking steep losses in Bitcoin.
World no.2 crypto Ether fell around 5% to $3,337.73, having come close to breaking below $3,000 on Tuesday. Ether also hit a near four-month low on Tuesday.
XRP dipped 1% to $2.26, while BNB was flat at $955.61.
Solana slid 2.6%, while Cardano lost 0.7%.
Among meme tokens, Dogecoin and $TRUMP each edged marginally lower.
(Ambar Warrick contributed to this report.)