The world’s largest cryptocurrency fell by as much as 6.1% at one point.
By 13h20 CAT, it was down 5.2% at $86 461, set for its biggest one-day fall in a month and hovering near last month’s eight-month low of $80 553.
Bitcoin shed more than $18 000 in November, as a record amount of money rushed out of the market, making this its largest dollar loss since May 2021, when a number of cryptocurrencies collapsed.
Given its relatively short lifespan, there is not much in the way of seasonality to guide traders’ expectations for how Bitcoin usually behaves in December.
On average, Bitcoin has tended to rise by around 9.7% in December, ranking it third in terms of performance, with October being the strongest month, with an average gain of 16.6%, and with September being the weakest month, with an average loss of 3.5%.
Of more relevance might be bitcoin’s tight correlation with the stock market at the moment, analysts said.
–Reuters–
