Bitcoin, the bellwether of cryptocurrencies that had been hitting record highs, turned lower on the 7th (local time).
According to the cryptocurrency exchange Coinbase, as of 6:31 p.m. Eastern Time (3:31 p.m. Pacific) that day, the price per bitcoin was trading at $121,983, down 2.47% from the previous day. It fell more than $4,000 from the all-time high in the $126,200 range set the previous day.
Bitcoin began to climb as it entered the fourth quarter, traditionally a bullish period, and kept rewriting all-time highs day after day. It surged 16% vertically from around the late-September low of $109,000. However, on this day, as "sell" orders poured in following the short-term spike, it was fluctuating around the $122,000 level. Some analyses said the decline stemmed from signs of market "overheating."
At the same time, Ethereum, the No. 2 by market cap, was down 4.23% at $4,502, and XRP (Ripple) was trading at $2.87, down 4.40%. Solana and Dogecoin fell 4.77% and 6.91% to $223.45 and $0.25, respectively.