$Bitcoin (BTC.CC)$ The world's largest cryptocurrency was tr...

$Bitcoin(BTC.CC)$ The world's largest cryptocurrency was trading at around $48,000 at 13:40 Singapore time on Wednesday, down nearly 7% yesterday. Bitcoin has fallen about 16% this month, wiping about $260 billion off the value of the entire cryptocurrency market over the same period, according to CoinGecko. As 2021 draws to a close, demand for speculative investments has waned, in part because the Fed has begun to scale back the stimulus that boosted many asset classes this year.
Bitcoin's decline this month has pared its gains for the year to about 65%, but it has still outperformed traditional assets such as global equities and commodities.