Bitcoin Falls 5% Below $90,000

Bitcoin fell back below $90,000 on Monday, extending losses after its monthly sharp decline since the 2021 crypto crash.

Heading for its biggest one-day fall since early November and hovering near last month’s eight-month low of $80,553, the cryptocurrency dropped 5% to $86,627.

It shed more than $18,000 in November, its largest dollar loss since May 2021, when a number of cryptocurrencies collapsed.

On average, since its inception in 2012, bitcoin tends to rise by around 9.7% in December, ranking it third in terms of performance, with October being the strongest month, with an average gain of 16.6%, and with September, the weakest month, with an average loss of 3.5%.

Ether was down 6% at $2,840, having lost some 22% in value in November, the most since February’s 32% slide.

Since hitting a record of around $4.3 trillion in size, the entire crypto market has lost over $1 trillion in value, according to CoinGecko.

U.S.-listed exchange-traded funds backed by spot bitcoin witnessed record outflows of $3.43 billion in November, according to LSEG data. So far this year, a net $21 billion has flowed into these products.

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Stocks in Europe fell in early trading, while U.S. futures pointed to a drop of 0.6-0.7% for the major indices later on, and safe havens such as gold and the Swiss franc edged up.

Given its relatively short lifespan, there is not much in the way of seasonality to guide traders’ expectations for how bitcoin usually behaves in December.