Ether, the world’s second-largest cryptocurrency by market value following bitcoin, fell 5.17 percent to $2,839.24
Bitcoin slipped back below $90,000 on Monday, deepening losses further following its sharpest monthly drop since the 2021 crypto crash, as heightened risk aversion pushed investors away from both equities and digital assets.
The world’s largest cryptocurrency fell 4.17 percent to $86,610 as of 10:18 GMT, marking its biggest one-day decline since early November and hovering near last month’s eight-month low of $80,553.
In November, bitcoin lost over $18,000, its largest decline since May 2021, when a wave of cryptocurrency collapses shook the market.
European stocks and U.S. futures fall
As bitcoin fell, European stocks opened lower on Monday, while S&P 500 futures were down 0.67 percent and Nasdaq futures fell 0.85 percent. Investor attention this week is set on U.S. economic data covering manufacturing and services activity, along with consumer sentiment.
If the figures point to a slowdown without signaling a recession, market sentiment would likely stay positive, while the U.S. dollar could weaken, following its usual seasonal pattern.
The dollar index, which tracks the U.S. currency against six major peers, stood at 99.414, largely unchanged for the day. The index has fallen 8 percent so far this year, with the bulk of the decline occurring in the first half.
Investors are eyeing remarks from Federal Reserve Chair Jerome Powell later in the day for hints on the central bank’s plans ahead of next week’s meeting.
Markets are currently pricing in an 87 percent chance of a rate cut, following a series of dovish comments from policymakers in recent days. Traders are also focused on holiday consumer spending, as sales data from Black Friday and Cyber Monday gradually emerge.
Ether falls 5.17 percent to $2,839.24
Ether, the world’s second-largest cryptocurrency by market value following bitcoin, fell 5.17 percent to $2,839.24, wiping out around 22 percent of its value in November, the steepest monthly drop since February’s 32 percent decline.
Since the crypto market reached a record size of roughly $4.3 trillion, it has shed more than $1 trillion in value, according to CoinGecko.
U.S.-listed exchange-traded funds backed by spot bitcoin saw record outflows of $3.43 billion in November, LSEG data shows, although a net $21 billion has flowed into these products so far this year.
