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    Crypto news: BTC heading to second worst month in 10 years

    By Daniela Ešnerová


    Updated

    Coin with Bitcoin (BTC) logo on a red background.
    Bitcoin (BTC) is set to end its successful year on a low note – Photo: Shutterstock

    After setting record highs in November, the two largest cryptocurrencies – bitcoin (BTC) and ether (ETH) – are poised to end the year with one of the worst monthly drops on record.

    Bitcoin is currently trading some 18% below its November close of $57,005 and 31% below its record $68,789, registered on 10 November 2021. Ether peaked at $4,891.70 on 16 November.

    On 4 December, bitcoin crashed on news of the then-newly discovered coronavirus variant, Omicron. Prices ranged from $53,904.68 to $42,874.62 on the day. The cryptocurrency rebounded quickly to trade between $47,000 and $50,000 for the following eight days.

    During the next nine days, bitcoin traded below $50,000. On 23 December, bitcoin broke through and reached $51,000 – an area where it stayed for five additional days before falling below $50,000 again.

    In May, bitcoin experienced a monthly plunge of 37% after China, until then a country with the biggest concentration of cryptominers, outlawed mining of digital currencies. This was the worst monthly slump since September 2011, Reuters reported.

    SOL/USD

    210.76 Price
    -0.310% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 2.2652

    XRP/USD

    0.83 Price
    +20.380% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.01168

    ETH/USD

    3,078.90 Price
    -2.470% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 6.00

    BTC/USD

    88,340.45 Price
    -0.460% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 106.00

    The second biggest cryptocurrency, ether, is trading some 20.5% below its November close and 24.7% below its record achieved in November.

    What is your sentiment on BTC/USD?

    88340.45
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    Vote to see Traders sentiment!

    Other crypto news:

    • Iran banned cryptocurrency mining for a second time this year to loosen pressure on national power grids and avoid blackouts. In May, the nation outlawed cryptocurrency mining for four months to avoid energy shortages.

    Chart of the day: Bitcoin's (BTC) is poised for the second worst monthly drop since May

    Chart representing bitcoin's (BTC's) monthly drop in May and December.Bitcoin (BTC) is poised for a second worst monthly drop of the year since May. – Credit: TradingView

    Quote of the day:

    Anthony Pompliano, investor and author of Pomp newsletter, wrote in a piece on inflation:

    “The popular saying of 'money is the root of all evil' can be slightly changed to be more accurate — 'fiat money is the root of all problems.' Fix the money, fix the world. Billions of people around the world stand to benefit from a global store of value that can’t be debased or devalued by any one person, group, or government. We are well on our way to that solution. It can’t come fast enough for those living under high inflation though.“

    Round-up of coins by market capitalisation

    As of 10:00 GMT:

    Winners and losers

    • Fantom (FTM) and monero (XMR) added 17.56% and 11.29% in the last week of trading 
    • Avalanche (AVAX), ripple (XRP) were down 14% and 15.15% respectively over the last week. 

    Read more: Crypto news: Most altcoins ‘crushed' bitcoin (BTC) in 2021

     

    Markets in this article

    AVAX/USD
    Avalanche / USD
    31.8239 USD
    -0.9039 -2.790%
    AVAX/USD
    Avalanche / USD
    31.8239 USD
    -0.9039 -2.790%
    BNB/USD
    Binance Coin / USD
    628.77 USD
    12.1 +1.980%
    BNB/USD
    Binance Coin / USD
    628.77 USD
    12.1 +1.980%
    BTC/USD
    Bitcoin / USD
    88340.45 USD
    -408.3 -0.460%

    Related topics

    #Ethereum #Cryptocurrency #Bitcoin

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