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Bitcoin, the top cryptocurrency by market capitalization, has fallen below $100,000 for the first time since June.

According to Coinbase, a U.S. cryptocurrency exchange, as of 4 p.m. Eastern Time (1 p.m. Pacific Time) on the 4th, one Bitcoin was trading at $99,306 (approximately 142.2 million won), down about 7% from 24 hours ago.

This is about 21% lower than its all-time high of $126,210.5 recorded on the 6th of last month.

Bitcoin's price falling below $100,000 is the first time since June 22nd, when Middle East tensions escalated due to the U.S. attacking Iranian nuclear facilities.

CNBC, an economic news outlet, analyzed that cryptocurrency prices are falling as investors are increasingly seeking to avoid risk assets amid growing concerns about the AI-driven stock rally.

It is noted that cryptocurrency investors are often also investors in technology stocks related to AI, which is why cryptocurrencies and the Nasdaq tend to show similar fluctuations.

Bloomberg also compared Bitcoin's recent decline to the rebound in soaring tech stocks, stating, "Bitcoin, considered an indicator of speculative momentum, is once again falling in line with the stock market."

Haonan Li, founder of Kodex, an Ethereum-based stablecoin platform, explained, "In the current cryptocurrency market, bad news is having a very negative impact, while good news is having almost no effect."

Ed Engel, an analyst at Compass Point, said, "Long-term holders are still selling, and if short-term holders join in further selling, (Bitcoin's) value could drop further," adding, "We see $95,000 as a support level, but there seems to be no catalyst to boost its value in the near term."

At the same time, Ethereum, the second-largest cryptocurrency by market capitalization, experienced a larger drop than Bitcoin, falling 12% from 24 hours ago and trading around $3,100 per coin.

Yonhap News