The global digital market was in turmoil again when on November 5, Bitcoin prices suddenly dropped sharply, sometimes breaking through the 100,000 USD mark - a mark closely monitored by investors.
The crash comes just days after President Donald Trump issued a very big warning about Chinas cryptocurrency ambitions, as billionaire Elon Musk warned that the US is facing the risk of a $38 trillion bankruptcy.
Since Mr. Trump's re-election, Bitcoin prices have increased sharply thanks to expectations that the new administration will support digital currency. However, in recent months, the increase has slowed down despite US Treasury Secretary Scott Bessent sending a positive signal to the market last week.
Speaking on CBS's 60 Minutes program, Mr. Trump said frankly: "If the US does not dominate the cryptocurrency sector, China will do it. In this industry, there are only numbers one, not two. And right now we are number one - I want to keep that position. Like with AI, the US must be a leader in digital currency.
The US president also emphasized: "China is playing a big role in this field", referring to the recent loosening of digital regulations in Hong Kong (China). However, cryptocurrency trading and mining activities are still completely banned in mainland China from 2021.
In that context, Bitcoin - which peaked near $126,000/coin at the end of 2024 - is now losing its upward momentum. BTC prices have been steady since July, said Arthur Azizov, founder of B2 Ventures.
According to Mr. Azizov, if Bitcoin falls below 100,000 USD and remains at this level, the price may slide deep to the range of 93,000 - 96,000 USD. However, he also said that this is an extremely important psychological level and the possibility of prices bouncing back from this zone is high, like in June 2025.
Data from Bitfinex shows that the risk of an adjustment still exists: "Unless ETFs or large investors increase their purchases strongly enough to absorb sales, Bitcoin can completely re-establish a support zone of 106,000-107,000 USD, and if it breaks through, it can fall to 100,000 USD or lower".
Despite the fluctuations, Wall Street has been pouring strongly into the digital currency market since the US Securities Commission (SEC) turned the green light on Bitcoin ETFs for delivery in early 2024.
Leading the way is BlackRock, the world's largest asset management corporation, and other funds that have collected about 1.5 million bitcos, worth nearly 160 billion USD, equivalent to more than 7% of the total supply of 21 million coin of Bitcoin.
However, this huge capital flow has not been able to stop the decline, as concerns about monetary policy and macro risks are covering the market.
