Investing.com– Bitcoin extended declines on Tuesday amid soft year-end trading volumes, and the token was set for its first monthly fall since early August.
fell 1.2% to $92,733.4 by 01:11 ET (06:11 GMT).
The most popular cryptocurrency fell to over a month low of $91,522 on Monday but later recovered as dip buyers emerged.
Bitcoin recorded its second straight weekly fall last week, and has fallen in five out of the last six sessions.
Bitcoin set for first monthly fall since Aug
Bitcoin was set to lose nearly 4% in December, which saw the U.S. Federal Reserve’s hawkish tilt.
It had risen nearly 40% in November with a rally induced by Donald Trump’s presidential election victory in early November.
The rally had pushed the token to an all-time high of $108,244.9, after which prices fell due to profit-taking amid macroeconomic pressures induced by the Fed rate outlook.
The Fed indicated only two rate cuts for the upcoming year, compared with previous expectations for four cuts.
This shift led investors to reassess their positions in speculative assets like Bitcoin, contributing to its price decline.
Crypto stocks fall in line with Bitcoin
Crypto-related stocks fell on Monday tracking the downtrend in Bitcoin.
MicroStrategy Incorporated (NASDAQ:) declined 8.2%, and Coinbase Global Inc (NASDAQ:) lost 3.2%.
Riot Platforms (NASDAQ:) ended 4.5% lower, while Marathon Digital Holdings Inc (NASDAQ:) fell 6.2%
Crypto price today: most altcoins lower as risk-off sentiment remains
Other cryptocurrencies also fell in line with Bitcoin prices as demand for speculative assets was still subdued.
World no.2 crypto fell 2.1% to $3,357.48. Ether was on track to fall nearly 10% this month after surging more than 47% in November.
World no.3 crypto fell 2.6% to $2.0299.
fell 1.8% and slumped 4%, while fell 2.9%. Among meme tokens, lost 2.7%.
