THE market capitalisation of the world’s most popular cryptocurrency, Bitcoin, has lost up to $264.28b in 50 days.
Bitcoin’s market cap rose by $250.36b in October to close at $1.16tn.
It rose to a high of $67,566.83 on November 8 but dropped to $56,942.14 on November 18, and continued to trade around the $50,000 mark for the rest of the month.
BTC closed trading at $57,005.43 in November, with a market cap of $1.08tn. It fell below $50,000 on December 4.
The cryptocurrency later rebounded towards the $50,000 mark but the uptrend was short-lived as it has trading below the $50,000 since December 13.
It closed at $46,880.28 with a market cap of $886.33b on December 19.
In October, BTC’s resistance against China’s influence increased in October as the digital currency’s price stayed close to $60,000.
Bitcoin has been reacting to some market shocks, CoinDesk has said.
According to the report, the digital currency fell by 6.9 per cent in late 2021 after traders feared that Evergrande, was about to collapse, and after when Didi announced plans to delist from the New York Stock Exchange.
