Why Bitcoin’s Bear-Market Decline Is Deepening As December Kicks Off
The last month of the year is kicking off with more selling in bitcoin.
December opened up with bitcoin falling deeper into its bear market, with the price of the token trading as low as $85,461 on Monday. That puts bitcoin around 32% down from its all-time high in early October, when the crypto hit a peak of around $126,200.
Ethereum also plunged again, down 7% to trade around $2,800.
It’s an unusual trend for bitcoin, which tends to enjoy a rally in the final months of the year. Over the last 14 years, bitcoin ended December in the green around half the time, with an average increase of 29.7%, according to Alex Kuptsikevich, the chief market analyst at FxPro.
“This seems to be part of the Bears’ plan to…
