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Bitcoin Is Experiencing Its Worst Month Since the 2022 Crypto Market Crash
The cryptocurrency market has plunged into panic: Bitcoin is heading toward its worst monthly performance since the wave of major corporate bankruptcies in 2022. Investors are withdrawing funds en masse, and analysts are warning about risks for the largest asset holders, Bloomberg reports.
On Friday, the price of the cryptocurrency fell by 6.4% at one point, reaching $81,629 before slightly recovering to $83,400. Ethereum crashed as well, losing more than 7.6% and dropping below $2,700.
Throughout November, Bitcoin has lost about 23% of its value. According to Bloomberg, this is the steepest monthly decline since June 2022 — the period when the collapse of the TerraUSD stablecoin triggered a chain reaction of defaults that culminated in the bankruptcy of Sam Bankman-Fried’s FTX exchange.
The current crash looks particularly dramatic against the political backdrop. Despite the pro-crypto stance of the White House under President Donald Trump and growing institutional adoption, Bitcoin has fallen more than 30% from its all-time high reached in early October.
Selling pressure intensified after the catastrophic liquidations on October 10, when margin traders lost $19 billion. The event wiped out roughly $1.5 trillion in total crypto market capitalization.
According to CoinGlass, another $2 billion worth of positions were forcibly closed in the last 24 hours alone.
The situation is worsened by overall negative sentiment in U.S. stock markets, where investors doubt that the Federal Reserve will cut rates in December and fear overvaluation in the AI sector.
Experts warn that the crash could trigger a new wave of crisis. Pratik Kala, portfolio manager at hedge fund Apollo Crypto, notes the presence of a major “forced seller” in the market.
See also: "Ethereum Cryptocurrency Drops 11% in Bearish Pullback Trading"
