By Alia ShoaibShareNewsweek is a Trust Project memberBitcoin is heading towards its biggest monthly price drop since the 2022 crypto crash, raising concerns about the market’s direction.
The cryptocurrency’s price fell as much as 6.4 percent on Friday, briefly dipping below $82,000, according to data compiled by Bloomberg.
Ether, the second-largest cryptocurrency, also fell sharply on Friday, dropping 7.6 percent to under $2,700.
So far in November, Bitcoin has lost around 23 percent of its value, its steepest single-month fall since June 2022, when the collapse of TerraUSD and FTX rattled the crypto market.
The downturn has been driven by a wave of selling in recent weeks, amplified by roughly $2 billion in leveraged positions liquidated in the past 24 hours, Bloomberg reported, citing data from CoinGlass.
The broader market sell-off this month comes despite the Trump administration’s pro-crypto outlook.
...More to follow.
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