Ozan Kose is a photographer.
As investors wrap up trading for the year, the digital currency fell for a third straight day and is on track for its worst monthly performance in seven months.
The world's most valuable coin was down 5.4% at $46,648.25 during Wednesday's session from Tuesday when it traded as high as $49,307.
Adrian Kenny, senior sales trader at digital asset broker Global Block, said in a note that the price of the digital asset had failed to hold $52,000.
The value of the options is about $6 billion and they are set to expire on December 31, which is believed to be fueling overall wary sentiment for the short term.
Naeem Aslam, chief market analyst at AvaTrade, said in a note early Wednesday that the failure to stay above $50,000 is worrisome for many traders. We are likely to visit the early 40K price level again if the price continues to trade below this mark.
It would be the biggest monthly decline since May when it sank about 34%.
Concerns about regulatory moves in China and the US drove May's decline. In mid-May, electric vehicle makerTesla said it would stop taking payments from the digital currency because of environmental concerns.
A weekend selloff in the market caused the price of the digital currency to fall by as much as 27%. Despite the pressure for December, it's still on course to rise about 63% in 2021.
The president of Euro Pacific Capital pointed out on Tuesday that the market dominance of bitcoin had dropped this month.
Since June of last year, the market dominance of Bitcoin has fallen below 40% for the first time. With an unlimited supply of easily created cryptocurrencies with virtually identical properties, #Bitcoin is losing its first-mover competitive advantage.
Business Insider has an original article.
