Bitcoin price: Continuous fluctuations
Early this morning (November 2), Bitcoin - the world's largest cryptocurrency by market value witnessed a slight decrease of 0.39%, down to 110,181.34 USD.
This new price contributes to bringing market capitalization to 2,197 billion USD, up 23 billion USD. However, trading volume in the 24 hours was at 35.61 billion USD, down 30.72 billion USD.
Assessment and forecast
Bitcoin on the last day of October is on track to record its first monthly decline since 2018, ending a streak of 7 consecutive years of increase, making October considered a "lucky month" in the cryptocurrency trading world.
Bitcoin is expected to fall nearly 5% this month, as the digital asset struggles amid general market fluctuations and investors' weak risk appetite.
Adam McCarthy, senior analyst at digital market data company Kaiko, said: "October started as cryptocurrencies followed the trend of gold and stocks at a historical peak. But when uncertainty appears, it will probably be the first time this year that investors will not return to pour money into Bitcoin as before."
October saw the largest liquidation in the history of the digital currency market, after US President Donald Trump announced a 100% tax on imports from China and threatened to control exports of key software.
Jake Ostrovskis, head of OTC trading at Wintermute, said: "Investors are still cautious about handling the consequences of the largest liquidation ever. This reservation still exists amid speculation about potential risks in the system."
Despite the decline in October, Bitcoin has increased by more than 16% since the beginning of the year.
E-commerce has benefited this year as Mr. Trump has expressed his support for digital assets, leading to many lawsuits against major exchanges being dismissed and US financial regulators starting to build a separate legal framework for digital assets.
