With today’s slump of 7.2%, bitcoin is heading down to record the worst month price-wise in the last 7 years. With the last day of November, bitcoin’s monthly loss has dropped to 37% which is second only to the August 2011 nosedive that saw bitcoin going down by 39% and $8.20 price level.
“It’s been a horrible bear market in tokens,” Galaxy Digital Holdings Ltd. founder Michael Novogratz said Friday during a conference call recapping his company’s third-quarter results.
Other top cryptocurrencies extended their free fall as well. Ether dipped about 2 percent to $112, bringing its monthly loss to 43 percent. XRP declined 4.5 percent to 36 cents, pushing its monthly loss to less painful 21 percent. New holder of the position number four is Stellar Lumens, that also experienced a meltdown of 29% for the month and is currently valued at $0.15 per coin. Bitcoin Cash, accused by many to be the reason for the market slide, has slipped down to position number five on the coin rankings by market cap as it shed away 60% of its value in this month, summing up its overall yearly loss to the staggering 87%.
The rest of the market is no different with red color coming out of every corner of crypto world. Biggest loser of the month are Ethos and Salt, two coins that lost 99% of their value in November.
Only 6 coins managed to be in the plus for the month, with Factom leading the way recording a eye-popping 132% gains mostly thanks to the potential partnership with Equator Homes, a real estate giant that caters to real estate agents.
Overall sentiment is murky, further aggravated by intensifying SEC actions against ICOs. Only yesterday SEC fined two celebrities Floyd Mayweathr and DJ Khaled for promoting Centra ICO that wind up being a scam project. A lot of other shady ICOs are shivering in fear of SEC’s hammer being thrown down on them as well.
“Part of the sell-off is because the SEC got tough on a few fraudulent ICOs,” Novogratz said. “People got very nervous.”