Bitcoin plummets below $100,000 for the first time since June – Why are cryptocurrency prices dropping?

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.