Bitcoin has recorded its largest monthly loss since June 2022, pushing it into a bear market as the euphoria over cryptocurrencies after Donald Trump’s election win faded, before the president pumped it up again on Sunday
The price of bitcoin fell by 17.5% in February, the biggest monthly drop since June 2022, and its 11th worst month in the last decade, as negative sentiment gripped financial markets.
The world’s largest crypto asset ended February at about $84,252 (£67,010), having hit a three-month low of about $78,273 during trading on Friday.
Bitcoin has now dropped more than 20% below the record high of $109,071 set in mid-January, which puts it into a technical bear market.
Bitcoin weakened amid rising volatility in the financial markets, blamed on fears of a global trade war as Trump vowed to impose new tariffs on imports from Canada, Mexico and China this week.
Having been driven upward by the “Trump trade” that fuelled markets after last November’s election, crypto stumbled as stocks on Wall Street, and the US dollar, also weakened during February.
