PakGazette– Bitcoin extended its declines on Tuesday amid weak year-end trading volumes, with the token headed for its first monthly decline since early August.
fell 1.2% to $92,733.4 at 01:11 a.m. (CET) (06:11 GMT).
The most popular cryptocurrency fell to a more than one-month low of $91,522 on Monday, but then recovered as dip buyers emerged.
Bitcoin recorded its second consecutive weekly decline last week and has fallen in five of the last six sessions.
Bitcoin prepares for its first monthly drop since August
Bitcoin was expected to lose almost 4% in December, prompting the US Federal Reserve’s hawkish tilt.
It had risen nearly 40% in November with a rally induced by Donald Trump’s presidential election victory in early November.
The rally had taken the token to an all-time high of $108,244.9, after which prices fell due to profit-taking amid macroeconomic pressures induced by the Federal Reserve’s rate outlook.
The Federal Reserve indicated just two rate cuts for next year, compared to previous expectations of four cuts.
This shift led investors to reevaluate their positions in speculative assets like Bitcoin, which contributed to its price decline.
Crypto Stocks Fall in Line with Bitcoin
Cryptocurrency-related stocks fell on Monday following Bitcoin’s bearish trend.
MicroStrategy Incorporated (NASDAQ 🙂 fell 8.2% and Coinbase Global Inc (NASDAQ 🙂 lost 3.2%.
Riot Platforms (NASDAQ 🙂 finished 4.5% lower, while Marathon Digital Holdings Inc (NASDAQ 🙂 fell 6.2%.
Crypto Price Today: Most Altcoins Down as Risk-Averse Sentiment Persists
Other cryptocurrencies also fell in line with Bitcoin prices as demand for speculative assets was still subdued.
The world’s No. 2 cryptocurrency fell 2.1% to $3,357.48. Ether was on track to fall nearly 10% this month after rising more than 47% in November.
The world’s No. 3 cryptocurrency fell 2.6% to $2.0299.
fell 1.8% and plummeted 4%, while it fell 2.9%. Among meme tokens, it lost 2.7%.
