Bitcoin, the largest cryptocurrency is having its worst month since 2022 when series of major crypto company collapses shook the entire cryptocurrency market.
As per multiple reports, on Friday, November 21 Bitcoin dropped by as much as 6.4% to $81,629.
Meanwhile, Ethereum, the second-largest cryptocurrency, fell by up to 7.6% to below $2,700 while many smaller cryptocurrencies also experienced similar losses.
Overall, the combined market value of all cryptocurrencies fell below $3 trillion for the first time since April.
So far, in November, Bitcoin has lost around 25% of its value, marking its biggest monthly drop since June 2022, when the collapse of the TerraUSD stablecoin led to a chain of crypto company failures including the collapse of the FTX exchange.
Despite government support and growing institutional interest, Bitcoin has dropped over 30% since its early October peak.
This decline was worsened by $19 billion in leveraged trades being liquidated on October 10, which also caused the total cryptocurrency market to lose around $1.5 trillion in value.
On the other hand, Bitcoin wallet named “Owen Gunden,” which had held Bitcoin since 2011, sold $1.3 billion worth of the cryptocurrency starting in late October and sold its last Bitcoin on Thursday, November 20.
