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.
People don’t even understand the value of an immutable digital object and how it never existed before bitcoin either. They can’t wrap their head around that having some inherent value even if small, and how that can transform the world, even if not bitcoin specifically
People recognize the value of digital objects only when they lose access to something like their e-mail or main social media account.