Bitcoin has been falling again — but this time, it’s not leverage breaking the market.

The original cryptocurrency fell as much as 7.4% to dip below the $100,000 mark for the first time since June. That’s down more than 20% from a record high reached a month ago. Bitcoin pared losses on Wednesday morning in Asia, but is still struggling for a sure footing.

Unlike the cascading wipeouts that triggered the October crash, the current slide has been led by a steady drumbeat of selling in the spot market. That marks a shift from the pattern crypto traders have come to expect lately, where sudden bursts of volatility are typically driven by liquidations in futures markets.

Roughly $2 billion in crypto positions were liquidated over the past 24 hours, according to CoinGlass — modest compared t

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