The price of bitcoin is heading for its biggest monthly decline since May. The token traded for $ 47,614, which is about a 3.8% drop in the last 24 hours alone, Bloomberg writes.
The largest cryptocurrency erased 16% of its value this month, or $ 260 billion in market capitalization, according to CoinGecko.
Demand in the sector is weakening for various reasons. Among them is the withdrawal of some of the Federal Reserve’s incentives, which have helped boost interest in a number of assets.
Meanwhile, recent data showed that 114 million people worldwide own bitcoin, according to crypto.com, quoted by The Wall Street Journal. The wealthiest 0.01 percent control 27 percent of all 19 million bitcoins in circulation.
A study by the National Bureau of Economic Research in the United States also says that about 10,000 portfolios hold about 5 million bitcoins – or about $ 232 billion.
The movement of the price this month reduced the growth of the cryptocurrency from the beginning of the year to about 65%.
“Over time, bitcoin will be a superior investment asset,” said Graham Jenkin, CEO of the cryptocurrency exchange CoinList.
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