Bitcoin Heads for Worst Month Since Crypto Collapse of June 2022

Bitcoin remained tethered near the the lower end of its recent trading range even as global financial markets showed signs of a renewal of risk appetite, keeping the token on course for its steepest monthly decline since 2022.

The original cryptocurrency fell as much as 3% to around $62,557, before paring the decline on Tuesday. It’s now down roughly 24% in February, set for its worst monthly performance since June 2022. That year, the implosion of stablecoin project TerraUSD triggered a daisy chain of failures that included crypto hedge fund Three Arrows Capital and BlockFi, the lender.