Khaberni - The main cryptocurrency in the world, "Bitcoin," is on track to record its worst monthly performance since the major crashes that shook the cryptocurrency sector in 2022.
The largest cryptocurrency fell by 6.4% to reach 81,629 US dollars on Friday, while Ethereum, which ranks second, dropped by 7.6% to fall below 2,700 US dollars. Many other smaller cryptocurrencies experienced similar declines.
Data from the platform "Coin Gecko" showed that the total market value of cryptocurrencies fell to less than 3 trillion US dollars for the first time since April.
"Bitcoin" has now lost about a quarter of its value in November, marking its biggest drop in one month since June 2022, according to data collected by the economic news agency "Bloomberg."
The collapse of the (TerraUSD) currency project in May of that year led to a series of institutional bankruptcies, culminating in the collapse of the (FTX) exchange owned by Sam Bankman-Fried.
"Bloomberg" stated that despite the White House's support for cryptocurrencies under the leadership of US President Donald Trump and the increased adoption by institutions, Bitcoin's value has dropped more than 30% since reaching a record high in early October last year.
This decline comes after a harsh wave of liquidations on October 10, which wiped out 19 billion dollars of leveraged bets, in turn erasing nearly 1.5 trillion dollars from the total market value of all cryptocurrencies.
Selling pressure intensified in the last 24 hours, with an additional two billion dollars in leveraged positions being liquidated, according to data from the "Coin Glass" platform, as Bitcoin was trading at around 82,900 dollars as of 6:15 AM in New York.
Pratik Kala, portfolio manager at the Australian hedge fund "Apollo Crypto," said: "The general sentiment is very low. There appears to be a forced seller in the market, and it's unclear how deep this dip will go."
A cryptocurrency portfolio named "Owen Gunden," which has held Bitcoin since 2011, began selling 1.3 billion US dollars worth of the currency in late October, and disposed of its last Bitcoins on Thursday.
