Daijiworld Media Network - New Delhi
New Delhi, Nov 22: Bitcoin is heading toward its steepest monthly drop since the 2022 crypto crash, weighed down by souring market sentiment, mass liquidations, and institutional selloffs that have shaken the entire digital asset landscape.
As per CoinGecko data, Bitcoin was trading at $84,226.98 around 11:30 a.m. (IST), slipping 2.1 per cent over the last 24 hours. The cryptocurrency has shed more than 12 per cent this week and over 22 per cent in the past month.
November’s relentless decline has already erased nearly one-fourth of Bitcoin’s value, marking its worst monthly performance since June 2022. On Friday, it plunged as much as 7.6 per cent to $80,553 before trimming some of the losses. Ether also saw a sharp pullback, dropping 8.9 per cent and dipping below $2,700, while several altcoins followed the broader downward trend.
The slump has dragged the total crypto market valuation below $3 trillion — its lowest point since April, according to CoinGecko.
Analysts attribute the downturn to a convergence of aggressive liquidations, profit-taking by institutions, and a sudden erosion of trader confidence. The latest wave of selling trails the massive October 10 wipeout, when nearly $19 billion in leveraged positions were liquidated, erasing around $1.5 trillion from global crypto markets.
What makes the current correction more striking is that it comes amid improving political support for digital assets in the US under President Donald Trump, as well as rising institutional interest. Bitcoin, which hit a new all-time high earlier in October, has now fallen more than 30 per cent from that peak.
The ongoing volatility is drawing comparisons to the 2022 crypto crisis, when the collapse of Do Kwon’s TerraUSD stablecoin triggered a domino effect of failures across the industry, culminating in the downfall of Sam Bankman-Fried’s FTX exchange.
With November nearing its end and no signs of stability yet, traders remain wary as Bitcoin approaches crucial support zones — a slide below which could spark deeper declines in the weeks ahead.