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

According to U.S. cryptocurrency exchange Coinbase on the 4th (local time), as of 4 p.m. Eastern Time (1 p.m. Pacific), one Bitcoin was trading at $99,306, down about 7% from 24 hours earlier (approximately 142,200,000 KRW).

That is about 21% lower than the all-time high of $126,210.5 (approximately 182,000,000 KRW) recorded on the 6th of last month.

It is the first time since June 22, when the United States attacked Iranian nuclear facilities and tensions in the Middle East escalated, that the Bitcoin price has dropped below $100,000.

CNBC analyzed that as concerns grow over the stock rally led by artificial intelligence (AI), risk-off sentiment is spreading among cryptocurrency investors, pushing crypto prices lower.

Because cryptocurrency investors are usually also investors in AI-related technology stocks, cryptocurrencies and the Nasdaq tend to show broadly similar moves.

Bloomberg likewise compared the latest decline in Bitcoin with the pullback in recently soaring technology stocks, analyzing that “Bitcoin, regarded as a gauge of speculative momentum, is once again falling in step with the stock market.”

Ed Engel, an analyst at Compass Point, said, “Long-term holders are still selling, so if short-term holders also engage in additional selling, the (Bitcoin) value could fall further,” adding, “We view $95,000 as a support line, but there appears to be no near-term catalyst (to lift the value).”

At the same time, Ethereum, the second-largest by market capitalization, widened its decline beyond Bitcoin and was trading around $3,100 per coin, down 12% from 24 hours earlier.