Bitcoin dropped as much as 7.4% on November 4, below $100K for the first time since June; ether fell as much as 15%, and many altcoins are down 50%+ in 2025
Analysts Warn Market Confidence Is ‘Slipping Fast’ NewsMax.com : Bitcoin Slips Below $100,000 for the First Time Since June Shaurya Malwa / CoinDesk : Dogecoin Falls 5% as Lower-Lows Pattern Aids Bearish Outlook Hyeon Ye-Seul / Korea Joongang Daily : Bitcoin falls below $100,000 for the first time since June Shaurya Malwa / CoinDesk : Bitcoin Bounces Near $100K, ETH, SOL, XRP Drop 6-10% as Bulls See $1.6B Liquidations Liz Napolitano / CNBC : Bitcoin falls below $100,000 for the first time since late June X: Joe Weisenthal / @thestalwart : Huge. Bitcoin has now performed worse than US Treasuries in 2025 [image] Joe Weisenthal / @thestalwart : In over 15 years, Bitcoin's market cap has grown from basically 0 to $2 trillion. Meanwhile, $NVDA has created $2.5 trillion in wealth for investors just since early April [image] Joe Weisenthal / @thestalwart : Not surprised that Bitcoin has fallen so much lately. I've been talking about a Bitcoin bubble for over 10 years. Henry / @lordofalts : If Bitcoin dips under 100k, most of this market goes straight to zero. [image] @banditxbt : wow your digital tokens that you purchased within the simulation you were thrown into by inter-dimensional powers are slightly less valuable today big deal bro LinkedIn: Sunny Lu : If you're wondering what's happening in the crypto markets this week, Sidhartha Shukla put it well in his article on Monday …
Context & Ripple Effects
The coverage history shows repeated threshold breaks during broad crypto drawdowns, including Bitcoin’s 2022 drop below $26,000 and the later break beneath its prior-cycle peak as Bitcoin fell under $18,000.
This episode matters because the decline is not confined to Bitcoin: ether, Solana, XRP and Dogecoin are also under pressure, while many altcoins have lost more than half their value this year.
First-order effects
- Bitcoin’s move below $100,000 and ether’s steeper drop immediately reset market sentiment around major crypto assets; altcoin losses deepen the selloff’s breadth.
- The roughly $1.6 billion in reported bullish liquidations shows that leveraged long positions were forced out as prices fell.
Second-order effects
- Forced liquidations can add selling pressure and make near-term price moves more volatile, especially for assets already showing weaker technical momentum.
- The divergence between Bitcoin’s decline and larger losses in ether and smaller tokens concentrates the immediate risk in the more speculative end of the crypto market.
Third-order effects
- If broad selloffs continue to trigger large liquidations, crypto market cycles may remain shaped as much by leverage unwinds as by spot-market conviction.
- Repeated threshold breaks—from the 2018 move below $8,000 to the 2022 drawdown—underscore that confidence can shift across major tokens together, though this episode alone does not establish a lasting market regime.
The trend: Crypto’s latest decline fits a recurring pattern in which weakening confidence and leveraged positioning amplify losses from Bitcoin into ether and smaller tokens.