Bitcoin’s value has fallen below $90,000, marking a significant decline since the 2021 crypto crash. The cryptocurrency extended its losses on Monday, dropping 5% to $86,627, which is near its eight-month low of $80,553. This decline is the largest one-day fall since early November.

In November, bitcoin shed more than $18,000, its largest dollar loss since May 2021, when several cryptocurrencies collapsed. Historically, bitcoin has tended to rise by around 9.7% in December, ranking it third in terms of performance. October is the strongest month, with an average gain of 16.6%, while September is the weakest month, with an average loss of 3.5%.

Ether also experienced a decline, dropping 6% to $2,840, after losing around 22% of its value in November. This is the most significant loss since February’s 32% slide. The entire crypto market has lost over $1 trillion in value since reaching a record size of around $4.3 trillion, according to CoinGecko.

U.S.-listed exchange-traded funds backed by spot bitcoin witnessed record outflows of $3.43 billion in November, as per LSEG data. Despite this, a net $21 billion has flowed into these products so far this year.

The decline in the crypto market has been accompanied by a drop in stocks in Europe and a anticipated decline in major U.S. indices. Safe-haven assets such as gold and the Swiss franc have edged up. Given bitcoin’s relatively short lifespan, there is limited historical data to guide traders’ expectations for the cryptocurrency’s behavior in December.

The crypto market’s performance is being closely watched, and the recent decline has significant implications for investors. As the market continues to evolve, it is essential to monitor its developments and assess the factors influencing its value. With the Crypto market reaching new lows, investors are waiting to see how the market will react in the coming days.