Bitcoin is closing out a rough month, with January declines putting the digital coin on pace for its worst start to a year since the dawn of the 2018 “crypto winter.”
The largest cryptocurrency by market value has notched only about a dozen up days this month, according to data compiled by Bloomberg, with the rest of the time mired in a decline. Other digital assets have also suffered, with No. 2 token Ether down roughly 30% since the end of December.
Bitcoin dipped to as low as $33,000 in January from a record of almost $69,000 less than three months ago amid a broader selloff in risk assets on growing conviction that the Federal Reserve will soon raise rates as it ratchets back its ultra-accommodative policy settings. The plunge has hit all corners of the crypto ecosystem, from Bitcoin and memecoins to publicly-listed crypto exchanges and miners.