Bitcoin Slides Toward $100K as Bear Market Fears Rise

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Bitcoin cannot catch a break on Tuesday as its adverse price movements continue to dig new lows, with the latest being at just under $101,000.

With the asset now on the brink of its first price dump below $100,000 since June, whales and treasury companies have begun to offload, while some analysts believe this is the official start of a bear market.

Sequans Communications, one of the numerous BTC treasury firms, announced today that it had redeemed 50% of convertible debt issued to purchase bitcoin by selling off 970 units of the cryptocurrency. Thus, it reduced its total outstanding debt from $189 million to $94.5 million. Its BTC stash has dropped to 2,264 from 3,234.

In another bearish development, which intensified the immediate selling pressure on the asset, whales had offloaded $272 million worth of the asset, as reported by popular analyst Ali Martinez.


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