The largest cryptocurrency fell as much as 6.4% to $81,629 on Friday before recovering slightly, trading at $84,166 by 7:42 a.m. in London, according to Bloomberg data, News.Az reports.
Ether also dropped, sliding as much as 7.6% to below $2,700.
Bitcoin has lost approximately 23% of its value in November, marking its steepest single-month decline since June 2022. That period followed the collapse of Do Kwon’s TerraUSD stablecoin in May 2022, which triggered a cascade of corporate failures, culminating in the collapse of Sam Bankman-Fried’s FTX exchange.
Despite a pro-crypto White House under US President Donald Trump and surging institutional adoption, Bitcoin has plummeted over 30% from its record high set in early October.
The rout follows a crippling bout of liquidations on Oct. 10 that wiped out $19 billion in leveraged token bets, and in turn erased roughly $1.5 trillion from the combined market value of all cryptocurrencies.
The selling pressure has only intensified in the past 24-hours, with a further $2 billion in leveraged positions liquidated, according to data from CoinGlass.
Institutions appear reluctant to “buy the dip.” A group of 12 US-listed Bitcoin exchange-traded funds saw $903 million in net outflows on Thursday, their second-largest single-day redemption since debuting in January 2024. Open interest in perpetual futures has fallen 35% from its October peak of $94 billion.
The broader market backdrop has done little to help. US stocks, which had rallied on renewed enthusiasm for artificial intelligence after upbeat earnings from Nvidia Corp., surrendered gains amid concerns over stretched valuations and doubts about a Federal Reserve rate cut in December.
