Bitcoin is holding onto its recent drop, leaving the token on course for its worst monthly drop since the cryptocurrency rout in May.
The volatile token was trading at about US$48,000 as of 1.40pm Wednesday in Singapore, following a near 7% drop from a day earlier. It’s retreated some 16% this month, while the wider crypto universe has shed about US$260 billion of market value over the period, according to tracker CoinGecko.
Demand for the most speculative investments has waned as 2021 comes to a close, in part as the Federal Reserve pulls back on the exceptional stimulus that helped to lift a variety of assets this year.
For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
