Cryptocurrencies fell again on Monday, and the rebound from the October 10 drop has almost completely reversed.
After falling below $108,000 from over $110,000 overnight, bitcoin fell to $105,500 in the early hours of the US trading session, it is now down 4% in the last 24 hours and 8% over the past week.
Altcoins were the most affected. Ether fell below $3,600, down 7% over the past 24 hours and down 14% over the past week. Other major altcoins like solana BNB , and fell between 8% and 10%.
The price decline rippled through derivatives markets, liquidating more than $1 billion in leveraged trading positions across all digital assets on Monday, CoinGlass data shows.
Even though Bitcoin has been trading around $110,000 for several weeks now, showing little momentum in either direction, some analysts are sticking to the bullish forecasts they made at the beginning of the year.
Tom Lee, co-founder and CIO of FundStrat Capital and president of Ethereum-focused treasury firm Bitmine, said on CNBC Monday morning 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 corporate holder of ETH, fell 7.5% amid the cryptocurrency sell-off.
“Right now, the fundamentals are the main cryptocurrency prices,” Lee continued, “so we will eventually consolidate and then rally until the end of the year.”
Capitalizing on the continued AI boom (with a plethora of new multibillion-dollar deals announced Monday), stocks opened sharply higher but were giving up gains by mid-morning, with the Nasdaq now gaining just 0.4% and the DJIA falling 0.5%.
Shares of major crypto companies fell, led by Circle (CRCL), which fell 7%, and Gemini (GEMI), which fell 6%.
Coinbase (COIN) fell 4%, while Marathon Digital (MARA) declined by the same amount. Strategy (MSTR) fell 3%, along with trading platform Robinhood (HOOD), which reports its third-quarter earnings this week.
