Bitcoin falls below $105,000 amid consecutive setbacks

Bitcoin (BTC) price has fallen below $105,000, and weakness is continuing across the crypto asset market. Concerns over bad loans at U.S. regional banks and heightened U.S.-China trade tensions are cited as major factors dampening investor sentiment.

On the 17th (local time), The Block said, "Bitcoin briefly fell below $105,000 during trading, marking its lowest level since early September," and "the GMCI 30 index, which tracks the top 30 crypto assets, fell 2% in a single day."

Macroeconomic uncertainty is cited as the main cause of the decline.

Min Jung (Min Jung), an analyst at Prestory Research, said, "The market as a whole is reacting sensitively to remarks related to the U.S.-China trade war, and President Trump's recent comments have had a negative impact on investor sentiment." He added, "Concerns about the health of regional banks have spread to the broader stock market, also negatively affecting the crypto asset market."

U.S. stocks also mostly closed lower as concerns over bad loans at regional banks grew. Zions Bancorp (Zions Bancorp) and Western Alliance Bancorp (Western Alliance Bancorp) reported losses from fraudulent loans related to the same borrower, leading weakness centered on bank stocks. In addition, it was explained that President Donald Trump (Donald Trump)'s remark, "The United States and China are effectively in a trade war," widened the declines.

The Crypto Fear & Greed Index recorded 22, indicating a state of 'extreme fear(extreme fear)'. This reflects a level of investor sentiment contraction equivalent to the recent U.S. stock market.

Vincent Liu (Vincent Liu), chief investment officer at Kronos Research (Kronos Research), analyzed, "Bitcoin appears relatively stronger than the stock market," but "so far only limited buying pressure has appeared."