Bitcoin has recorded its largest monthly loss since June 2022, pushing it into a bear market as the euphoria over cryptocurrencies after Donald Trump’s election win faded.

The price of bitcoin fell by 17.5% in February, the biggest monthly drop since June 2022, and its eleventh worst month in the last decade, as risk-off sentiment gripped financial markets.

The world’s largest crypto asset ended February at about $84,252 (£67,010), having hit a three-month low of about $78,273 during trading on Friday.

Bitcoin has now dropped more than 20% below the record high of $109,071 set in mid-January, which puts it into a technical bear market.