Bitcoin's possible correlation with stock market watched
Crypto-negative factors add pressure on bitcoin, says Jefferies
Record outflows from US bitcoin ETFs in November, LSEG data shows
NEW YORK/LONDON, Dec 1 (Reuters) - $BTC slumped on Monday, with the world's largest cryptocurrency down about 6% and on track for its biggest daily percentage fall since early November, as risk aversion drove investors out of digital and other assets.
Bitcoin was last down 6% at $85,788 and earlier fell as much as 8% to $83,879.01.
The Week in Breakingviews newsletter offers insights and ideas from Reuters' global financial commentary team. Sign up here.
The day's move followed bitcoin's biggest monthly drop since mid-2021. Bitcoin shed more than $18,000 in November, as a record amount of money rushed out of the market, making this its largest dollar loss since May 2021, when a number of cryptocurrencies collapsed.Adding to bearish sentiment around bitcoin on Monday, Strategy (MSTR.O), opens new tab - the largest corporate holder of bitcoin - cut its earnings forecast for 2025, citing the weak run in bitcoin. Strategy's shares fell 3.3%.
Over the last 24 hours, crypto liquidations in both long and short positions totalled nearly $1 billion, according to CoinGlass.
