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Bitcoin reaches the monthly lowest; what’s up in the market?

As the adjustment of the cryptocurrency market continues to deepen, the price of Bitcoin has fallen to its lowest level since mid-October.

With the week coming to an end, the correction of the crypto market accelerated, and the price of Bitcoin fell to a monthly low.

The last time Bitcoin fell below US$56,000 was on October 13, but it quickly recovered to a record high of US$69,000 on November 10.

Bitcoin prices fell to a monthly low of $55,650 during the Asian trading session on Friday morning. This drop marked a 6.7% drop on the day.

Bitcoin’s current trading price is down 18.5% from its historical high 9 days ago.

At the time of writing, the asset has rebounded slightly to 56,220 but has been steadily decreasing since the beginning of this week. Bitcoin has now fallen below the 50-day moving average and is currently hovering near the support level.

A break below this level may cause the asset to fall to the next support zone, around $53,000.

The total market value has shrunk 6% in the past 24 hours to US$2.6 trillion. As usual, the rest of the altcoins are bleeding heavily, and Ethereum fell 5% to just over $4,000.

Other significant losers today include Solana (SOL), which fell 8%, Ripple (XRP) dropped 7%, and Shiba Inu (SHIB), which fell 10.5% on the day.

The only two top 50 tokens that have bucked the trend are Decentraland (MANA) based on Metaverse, which has gained 20%, while Sandbox (SAND) has gained 13%.

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