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Bitcoin holds drop, set for worst month since May crypto rout

Bloomberg
Bloomberg12/29/2021 3:24 PM GMT+08  • 2 min read
Bitcoin holds drop, set for worst month since May crypto rout
“The arc of history is long. Over time Bitcoin is going to be a pretty superior asset to invest in.”
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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.

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