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Bitcoin resumes its slide, widening crypto’s monthly losses
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Bitcoin failed to hold overnight gains, losing more ground Wednesday as it continued on course for its worst month since May.
The volatile token was trading 1.3% lower at $46,965 as of 7:48 a.m. Wednesday in New York, following a near 7% drop the prior session. It has retreated some 18% this month, while the wider crypto universe has shed about $420 billion of market value over the period, according to tracker CoinGecko.
Demand for the most speculative investments has waned as 2021 comes to a close, in part as the Federal Reserve pulls back on the exceptional stimulus that helped to lift a variety of assets this year. Some analysts say the reversal will be brief.
“I suspect year-end book squaring into thin market conditions exaggerated
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