The institution states that the cryptocurrency market has entered a bear market phase, with the next key support level around $93,000.

According to the Securities Times app, Bitcoin once again fell below the $100,000 mark on Thursday, as Wall Street risk appetite worsened and technology stocks were heavily sold off. Bitcoin fell as much as 3.9% during trading, hitting $97,956. Since early October, it has evaporated over $450 billion in market value. Key buyers, such as large funds, ETF allocation institutions, and corporate treasuries that have supported Bitcoin this year, have all withdrawn, causing the current market trend to quickly become fragile.