According to market data, Bitcoin’s price declined by 6.7 per cent to $99,936, slipping below the $100,000 mark for the first time since June. The drop comes just weeks after the digital asset hit a record high of $126,000, marking a decline of more than 20 per cent since its peak.
Other major cryptocurrencies also faced losses, with Ethereum down 10 per cent and XRP falling around 6 per cent.
The downturn in the crypto market coincided with a broader sell-off in US equities, where the S&P 500 fell 1.2 per cent and the Nasdaq dropped as much as 2 per cent.
Analysts say heightened investor caution and market uncertainty have contributed to the latest slump, as sentiment in the global digital asset market continues to weaken.
Read: Pakistan launches first govt-backed strategic Bitcoin reserve
Pakistan has launched its first government-backed strategic Bitcoin reserve in May 2025, marking a dramatic shift in its stance on cryptocurrencies.
The announcement was made by Special Assistant to the Prime Minister (SAPM) on Crypto and Blockchain, Bilal Bin Saqib, at the Bitcoin 2025 conference in Las Vegas.
Speaking to an international audience that included US Vice President JD Vance, Eric Trump, and Donald Trump Jr, he said the country is allocating 2,000 megawatts of surplus energy in Phase 1 to support Bitcoin mining operations and artificial intelligence (AI) data centres.