Key Takeaways
- Bitcoin fell below $97,000 on Friday morning.
- The cryptocurrency has now properly broken through the $100,000 floor.
- Dragonfly Capital partner Haseeb Qureshi reminded investors that previous bear markets were worse.
Having been on a continuous downslide since Monday, Nov. 10, in the past 24 hours, Bitcoin (BTC) has assertively fallen below $100,000—a key psychological threshold.
However, with BTC trading between $96,000 and $97,000 at the time of writing and more losses expected on the horizon, Dragonfly Capital partner Haseeb Qureshi reminded investors that things could and have been much worse.
$100,000 Floor Crumbles
Although BTC briefly dipped below $100,000 on Nov. 7, sustained trading below this level is more significant, representing the collapse of a crucial support level.
The breach underscores how quickly sentiment can shift.
Barely a month has passed since Bitcoin reached an all-time high price of over $126,000 on Oct. 6.
Since then, the flagship asset has crashed nearly 24%.
However, recent losses are far from the worst investors have experienced.
For instance, in June 2022, the BTC market slumped more than 37% in a broad selloff that prompted the collapse of a string of major crypto businesses.
‘We’ll be Fine,’ Says Dragonfly Chief
Recalling the 2022 bear market, Qureshi offered a note of calm in a sea of panic.
“This is the easiest bear market I’ve ever seen,” he stated on X.
“Seems like most of you have forgotten what 2022 was like. Luna collapsing, then 3AC, then FTX, then Genesis, BlockFi, Axie, NFTs — pretty much everything felt like a house of cards.”
Qureshi’s advice this time around? “Relax, get something to eat. Lock in.”
“We’ll be fine,” Dragonfly Capital’s managing partner insisted.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
