The price of Bitcoin fell more than 5% in early trading on Monday as the world’s most valuable cryptocurrency led a sell-off in digital tokens, reversing the rally it mounted last week after its worst month since the cryptocurrency crash of 2021.
Key data
Early on Monday, the price of Bitcoin briefly fell below $86,000, before recovering to $86,756, down 5.05% over the past 24 hours.
Ether, the world’s second most valuable cryptocurrency by market capitalization, fell 5.56% to $2,840, while other major tokens such as XRP, Binance’s BNB and Solana’s Sol fell 5.6%, 6.6% and 6.1% respectively.
Monday’s sell-off pushed the global cryptocurrency market capitalization below $3 trillion once again, down from a peak of nearly $4.3 trillion in October.
Monday’s drop is a reversal of last week’s cryptocurrency market rally, and Bloomberg reported that traders expect Bitcoin’s decline to fall as low as $80,000 before the decline stops.
What do we know about the Yearn Finance hack?
CoinDesk reported that Monday’s selloff accelerated after cryptocurrency investment platform Yearn Finance reported a hack. The company announced that hackers managed to steal $9 million in yETH tokens. In a later statement, the company said it had established a “war room” with its audit partners and that “a thorough investigation is underway.”
big number
$18,700. That was the Bitcoin price drop in November, making it the worst-performing month for the token since May 2021. The price of the cryptocurrency has fallen more than 21% in the last 30 days.
Tangent
US stock futures also fell in early trading on Monday. The benchmark S&P 500 index fell 0.54% to 6,822.50 points, while Dow Jones futures fell 0.42% to 47,544 points. Nasdaq futures, with a strong technological presence, fell 0.6%, to 25,328.50 points.
This article was originally published by Forbes US.
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