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Bitcoin's Worst Monthly Slump Since 2022: Why Crypto Markets Are Crashing

Bitcoin is heading for its worst monthly performance since the 2022 crypto meltdown. The world's largest cryptocurrency has plunged over 22% in the past 30 days alone. Market analysts point to forced liquidations and institutional profit-taking as key drivers. The broader crypto market has also suffered, with total market capitalization falling below $3 trillion.

Key Points: Bitcoin Heads for Worst Monthly Drop Since 2022 Crypto Meltdown

  • Bitcoin trading at $84,227 after losing 12% in past week
  • Total crypto market cap falls below $3 trillion mark
  • Massive $19 billion in leveraged positions liquidated recently
  • Bitcoin down over 30% from October's all-time high peak
2 min read

Bitcoin heads for worst monthly slump since 2022 as crypto rout deepens

Bitcoin plunges 22% in 30 days, heading for worst monthly performance since 2022 crypto crisis amid massive liquidations and institutional selling pressure.

"Market analysts attribute the current rout to a mix of forced liquidations, institutional profit-taking, and a sudden collapse in trader confidence. - Market Analysts"

New Delhi, Nov 22

Bitcoin is sliding toward its steepest monthly decline since the 2022 crypto meltdown, with a sharp downturn in market sentiment, large-scale liquidations and institutional selling dragging the broader digital asset ecosystem lower.

According to CoinGecko, at around 11:30 am (Indian time), Bitcoin was trading at $84,226.98, down 2.1 per cent in the past 24 hours. The world's largest cryptocurrency has lost more than 12 per cent over the past week and plunged over 22 per cent in the last 30 days.

The latest slide extends a selloff that has wiped out almost a quarter of Bitcoin's value so far in November, its worst monthly drop since June 2022.

On Friday, Bitcoin tumbled as much as 7.6 per cent to $80,553 before recovering some lost ground. Ether also witnessed heavy selling, falling as much as 8.9 per cent and slipping below $2,700, while several smaller altcoins mirrored the overall decline.

The broader crypto market has not been spared either. The total market capitalisation of all digital assets fell below the $3 trillion mark, hitting its lowest level since April, according to CoinGecko data.

Market analysts attribute the current rout to a mix of forced liquidations, institutional profit-taking, and a sudden collapse in trader confidence.

The steep correction follows massive liquidations on October 10 that wiped nearly $19 billion in leveraged positions and wiped about $1.5 trillion off the global crypto market.

The downturn comes despite signs of improving political support for digital assets under US President Donald Trump, and a continued uptick in institutional interest. Bitcoin, which touched an all-time high in early October, has since fallen more than 30 per cent from that peak.

This latest slump echoes the turmoil from 2022, when the implosion of Do Kwon's TerraUSD stablecoin sparked a chain reaction throughout the industry, spreading a wave of corporate failures and culminating in the bankruptcy of Sam Bankman-Fried's FTX exchange.

With November drawing to a close and volatility showing no signs of easing, traders remain on edge as Bitcoin teeters near key support levels, raising fears of further downside in the coming weeks.

- IANS

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Reader Comments

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Priya S
I bought Bitcoin at ₹45 lakhs last month and now it's down to ₹70 lakhs. Feeling the pain but holding strong! This is normal in crypto markets - what goes down must come up. HODL! 💪
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Arjun K
Perfect buying opportunity for long-term investors. Remember 2022? Those who bought the dip made huge returns. Crypto winter always precedes a bull run. Time to accumulate! 🚀
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Sarah B
As someone working in finance, I think the Indian government's cautious approach to crypto regulation is justified. These massive swings show why RBI has been warning about crypto risks for years.
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Vikram M
My cousin lost ₹5 lakhs in leverage trading yesterday. These exchanges should have better risk warnings for Indian retail investors who don't understand the risks properly. Very concerning.
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Michael C
While the volatility is concerning, let's not forget that Bitcoin is still up significantly year-over-year. This correction was overdue after the massive run-up. Healthy for the market long-term.
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Ananya R
This is exactly why my father never allowed me to invest in crypto. He always said "paise ka mazak nahi hai" (money is no joke). Traditional investments may be boring but they're safer

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