Bitcoin dropped below €75,000 on Monday as global cryptocurrencies continued their post-October decline.
European trading saw Bitcoin lose more than 5%, extending its losing streak into a new month.
After peaking around €110,000 in early October, Bitcoin entered a prolonged downturn marked by heavy liquidations and sell-offs.
In November, Bitcoin lost over 16% of its value, briefly dipping toward €74,000.
Other major cryptocurrencies fell sharply on Monday, with Ethereum and Solana each losing more than 5%, continuing October’s trend.
Bitcoin briefly attempted to stabilise last month, but rebounds proved short-lived as prices resumed their fall.
Investors Retreat from Risk
Investors have sold other stocks in recent weeks as market uncertainty encourages risk-averse behaviour.
Flows into Bitcoin exchange-traded funds (ETFs) remain weak, reflecting declining investor appetite.
ETFs bundle multiple assets such as stocks, bonds, commodities, or Bitcoin into a single investment product.
When underlying asset prices fall, investors often sell ETF shares, driving the fund’s overall value down.
Traders dumped riskier assets following weaker economic data and fading hopes for early rate cuts by central banks.
Experts also attribute the slump to aggressive trading strategies by professional investors.
Bitcoin Mirrors Tech Volatility
Many had hoped Bitcoin would act as a safe-haven asset like digital gold, but volatility persists.
Its behaviour resembles tech-adjacent stocks rather than stable investments.
Nvidia, a top GPU chip maker, surged earlier this year but experienced similar sharp declines recently.
Bitcoin’s unpredictable swings signal that market forces and investor sentiment continue to dominate its price movements.
The ongoing instability highlights the challenges of treating cryptocurrencies as reliable store-of-value assets.
