**Bitcoin Prices Drop Below $104,000 Amid Broader Crypto Market Decline**
Bitcoin prices fell below $104,000 on Tuesday, marking a continuation of a broader downturn across the cryptocurrency market over the past month. Investors appear to be pulling away from riskier assets as the Federal Reserve takes a cautious approach toward potential interest rate cuts.
**Key Facts**
– **Surprising Performance:** Bitcoin prices dropped 3.7% in October, marking the cryptocurrency’s worst monthly performance in over a decade, according to data from CoinMarketCap.
– **Market Impact:** The global crypto market’s aggregate value shrank by approximately $760 billion over the last month, declining from $4.21 trillion on October 5 to $3.45 trillion on Tuesday, based on CoinMarketCap figures.
**Background**
Bitcoin experienced a significant surge earlier this year, hitting multiple record highs. This rise was supported by legislative moves under the Trump administration aimed at easing regulatory constraints on the crypto sector.
Within a two-month span, Bitcoin surpassed the $110,000 and $120,000 price thresholds, fueled by announcements from companies planning substantial investments in the cryptocurrency. Notably, President Donald Trump’s Trump Media and Technology Group revealed a $2.5 billion initiative to establish a corporate Bitcoin reserve.
The U.S. government has also accumulated its own Bitcoin holdings, with Treasury Secretary Scott Bessent reporting a federal stockpile valued between $15 billion and $20 billion as of August.
During the federal government shutdown, Bitcoin appeared to strengthen its position as a safe-haven asset, rising alongside precious metals such as gold, silver, and platinum.
**Further Reading**
https://bitcoinethereumnews.com/bitcoin/bitcoin-falls-below-104000-heres-why/
