The world’s leading cryptocurrency, Bitcoin, is heading toward its worst monthly performance since the major collapses that shook the crypto sector in 2022.
اضافة اعلان
Bitcoin dropped 6.4% to $81,629 on Friday, while Ether, the second-largest cryptocurrency, fell 7.6% to below $2,700. Smaller cryptocurrencies also experienced similar declines.
Data from CoinGecko show that the total cryptocurrency market capitalization fell below $3 trillion for the first time since April. Bitcoin has now lost roughly a quarter of its value in November, marking its largest monthly drop since June 2022, according to Bloomberg data.
The collapse of the TerraUSD project in May of that year triggered a series of institutional bankruptcies, culminating in the FTX exchange collapse by Sam Bankman-Fried.
Despite White House support for cryptocurrencies under President Donald Trump and growing institutional adoption, Bitcoin has declined over 30% since reaching an all-time high in early October.
The decline followed a sharp wave of liquidations on October 10, which erased $19 billion in leveraged bets and wiped out nearly $1.5 trillion from the overall cryptocurrency market.
Selling pressure intensified over the past 24 hours, with an additional $2 billion in leveraged positions liquidated, according to data from CoinGlass. Bitcoin was trading around $82,900 as of 6:15 a.m. in New York.
Prateek Kala, portfolio manager at Australian hedge fund Apollo Crypto, said, “Overall sentiment is extremely low. It appears there are forced sellers in the market, and it’s unclear how deep this correction will go.”
Meanwhile, the Owain Gondyn crypto wallet, which has held Bitcoin since 2011, began selling $1.3 billion worth of the cryptocurrency in late October and completed its last Bitcoin sale on Thursday.
