The turning point came in October. (Image Source: Bloomberg) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Bitcoin has wiped out its summer rally, giving back gains made during Wall Street’s euphoric embrace and a surge in institutional buying.

The original cryptocurrency fell as much as 7.4% to $96,794 on Tuesday in New York, the first time below $100,000 since June. That’s down more than 20% from a record high reached a month ago, a plunge consistent with a bear market in equities. Ether slipped as much as 15% and several so-called altcoins posted similar declines, bringing losses for many of the less easily traded and liquid tokens to more than 50% this year.

The turning point came in October, when a brutal wave of liquidations wiped out more billions in bullish pos

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