Analysts predict Bitcoin is heading towards its worst-performing month since 2022, when a series of corporate crises shook the global crypto market.
The largest cryptocurrency has fallen 6.4% to $81,820 at the time of writing. In November alone, Bitcoin has lost 23% of its value.
This is the most Bitcoin has lost in a single month since July 2022. That year, the collapse of the TerraUSD stablecoin project triggered a chain of other crypto projects to fall, peaking at the closure of the FTX exchange.
Although the White House under Donald Trump’s presidency positioned itself as pro-crypto, Bitcoin has fallen more than 30% since its record high in October.
Institutional investor adoption is not helping Bitcoin's position. Before it could build momentum, a massive liquidation occurred on October 10, wiping out $1.9 billion in leveraged tokens. As a result, the global crypto market lost a combined value of $1.5 trillion.
Selling pressure has intensified in the past 24 hours, with CoinGlass recording $2 billion in leveraged funds liquidated.
Meanwhile, institutional investors are hesitant to “buy the dip.” Twelve Bitcoin exchange-traded funds (ETFs) in the United States recorded outflows of $903 million on Thursday.
Overall market conditions are also not helping. Stock investors who were initially enthusiastic about Nvidia Corp's value increase have fallen to a similar slump after losing hope for a December interest rate cut.
Overall, public sentiment is negative. Analysts are still struggling to predict how long this condition will last.
The highly volatile market conditions make it difficult for investors and analysts to predict where Bitcoin will go next.
Therefore, the best thing for investors to do right now is to educate themselves about the latest crypto news. Both novice and experienced investors must understand the basics of crypto and commonly used terms.
One way to educate yourself is by reading educational articles from DRX Token. When crypto assets fluctuate, knowledge is the most valuable asset that will protect investors from losses.
