Bitcoin slide makes monthly loss the biggest in seven years

Bitcoin registered its biggest monthly decline in more than seven years as investors reevaluate the prospects of digital money following last year’s euphoria.

The biggest cryptocurrency dropped 6.1% to $3 930 on Friday, bringing its monthly loss to 37%. That’s the steepest drop since August 2011, when the token tumbled 39% to $8.20. Bitcoin surged to a record $19 511 in December 2017.

“It’s been a horrible bear market in tokens,” Galaxy Digital Holdings founder Michael Novogratz said Friday during a conference call recapping his company’s third-quarter results.

• READ: Crypto losses near $700bn in worst week since bubble burst

Other leading digital currencies extended their slide. Ether declined about 3% to $111, bringing its monthly loss to 43%. XRP slumped 4.1% to 36 cents, pushing its monthly loss to 21%.

"Part of the sell-off is because, I think, the SEC got tough on a few fraudulent ICOs," Novogratz said. “People got very nervous.”

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