Bitcoin Breaches 10/10 Low as It Approaches $100,000

The crypto selloff continued on Tuesday, with major assets extending losses amid growing uncertainty over U.S. trade policy.

Bitcoin (BTC) is trading at around $101,000, down nearly 6% over 24 hours and 12% on the week. Ethereum (ETH) dropped 7.5% to $3,376, bringing its weekly losses to nearly 18%.

Among large-caps, BNB fell to $916, down 9% on the day and 19% on the week; Solana (SOL) dropped to $154, down 9% over 24 hours and 22% for the week; and XRP slipped to $2.21, down 7% on the day and 16% for the week.

Top Movers

The day’s top gainers were Internet Computer (ICP), up 42% to $5.60, and Dash, jumping 27% to $118.

The top losers include Bittensor (TAO), which fell 20% to $394, Story Protocol (IP), which dropped 15% to $3.51, and Aptos (APT), which slipped 13% to $2.55.

The global cryptocurrency market capitalization is down 6% over the past 24 hours to $3.44 trillion, with Bitcoin dominance at 58.4% and Ethereum dominance at 12%.

Liquidations and Market Flows

Around $1.1 billion in crypto positions were liquidated over the past 24 hours, according to Coinglass. Long positions accounted for about $915 million, while shorts made up $178 million.

Bitcoin led the liquidations with around $400 million, Ethereum followed with nearly $280 million, and Solana contributed $80 million.

Spot Bitcoin ETFs attracted $186 million in outflows on Monday, marking the fourth consecutive day of outflows totaling over $1.3 billion.

Spot Ethereum ETFs recorded nearly $136 million in outflows – also the fourth consecutive day of outflows totalling around $500 million, according to SoSoValue.

Macro Implications

“Cryptocurrency prices continued to slide and were pushed lower by a lack of positive macro news,” said Paul Howard at Wincent. “The buying seen over the summer from DAT and ETF vehicles appears to have largely dried up and been replaced by long-term wallet holders selling the past month.”

Howard said the current data would indicate “we are in what could become a bear market aligning to Bitcoin’s much lauded 4-year cycle.” However, he said that if prices hold above the psychological $100,000 level, “we should avoid many panic sellings and liquidations lower.”

The market weakness comes as the Supreme Court is soon set to decide whether President Donald Trump can use the 1977 International Emergency Economic Powers Act to impose sweeping tariffs on U.S. trading partners.

The tariffs, meant to address trade deficits and drug trafficking, face legal challenges claiming the president can’t tax without Congressional approval. Experts say small businesses are already feeling the impact, facing higher costs, disrupted supply chains, and layoffs.

“If presidential trade powers are curtailed, it could reshape the U.S. external trade framework and global risk asset pricing,” analysts from Bitunix said in comments shared with The Defiant. “The dollar may face short-term pressure as risk aversion rises.”

For crypto, they added, a more moderate trade approach and improved liquidity could benefit Bitcoin over the medium term, though volatility is likely to continue.

“As market focus shifts from interest rates to policy legitimacy, the Supreme Court’s ruling may emerge as a key macro turning point for the fourth quarter,” they said.