Author: Galaxy; Translation: Golden Finance

Bitcoin price fell below $100,000 for the first time since June. Last week, the cryptocurrency market experienced a significant decline amid a stock market correction and increasing macroeconomic pressures. Galaxy Research downgraded its year-end target for Bitcoin from $185,000 to $120,000, believing that Bitcoin has entered a new "maturity phase," characterized by institutional investors gradually absorbing funds, increased passive capital flows, and reduced volatility. Last week, global risk appetite also fluctuated. Reports of layoffs and hiring freezes heightened concerns about economic slowdown, leading to a decline in the US stock market, with the S&P 500 down 1.1% and the Nasdaq down 1.9%. Galaxy's view: Last week, the cryptocurrency market was hit hard, and Bitcoin failed to hold the key psychological level of $100,000, while other cryptocurrencies performed even worse. Among the top 100 cryptocurrencies by market cap, over 70 have fallen more than 50% from their all-time highs. bsv