Bitcoin Price Drops 5%, Reaching New $85,000 Low – Driven by Market-Wide Rebound

Bitcoin experienced a significant price drop of over 5% to reach a new low of $85,000 on December 1st. The decline was driven by broader market declines, with the crypto market shedding over $130 billion in value within hours. This marks Bitcoin’s total loss for the month at 21.6%. Liquidations of leveraged positions were also observed. Despite a slight rebound, total market capitalization remains at around $3 trillion.