Bitcoin registered its biggest monthly decline in more than seven years as investors reevaluate the prospects of digital money following last year’s euphoria.
The biggest cryptocurrency dropped 6.1% to $3 930 on Friday, bringing its monthly loss to 37%. That’s the steepest drop since August 2011, when the token tumbled 39% to $8.20. Bitcoin surged to a record $19 511 in December 2017.
“It’s been a horrible bear market in tokens,” Galaxy Digital Holdings founder Michael Novogratz said Friday during a conference call recapping his company’s third-quarter results.
Other leading digital currencies extended their slide. Ether declined about 3% to $111, bringing its monthly loss to 43%. XRP slumped 4.1% to 36 cents, pushing its monthly loss to 21%.
"Part of the sell-off is because, I think, the SEC got tough on a few fraudulent ICOs," Novogratz said. “People got very nervous.”