Bitcoin wiped out its massive summer rally this week — dropping well below the $100,000 mark on Tuesday. The cryptocurrency fell as much as 7.4% to hit a five-month low of $96,794 amid a broader decline for the crypto market. Investors have gradually pulled away from riskier assets as the US Federal Reserve hesitantly approaches interest rate cuts. A brutal wave of liquidations had also wiped out billions in bullish positions for cryptocurrency investors in October.

The cryptocurrency fell to $96,794 in New York on Tuesday — down more than 20% from record highs reached a month ago. Bitcoin reached a record high above $126,000 on October 6, and this is the first time it has fallen below the $100,000 mark since June. According to a Bloomberg report, the plunge is consistent with a bear mark

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