Cryptocurrencies

Bitcoin’s Seesaw Nature Is Showcased Yet Again in Choppy Trading

Largest cryptocurrency is on pace for worst month since May
December drop leads to hundreds of billions in crypto losses

WATCH: CoinList CEO Graham Jenkin discusses the outlook for cryptocurrencies and blockchain technology in 2022.Source: Bloomberg

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By Sunil Jagtiani and Vildana Hajric

December 28, 2021 at 5:33 AM UTC

Updated on

December 29, 2021 at 3:55 PM UTC

This article is for subscribers only.

Bitcoin swung between gains and losses Wednesday amid a monthly slump that puts it on pace for its worst decline since May.

The volatile token was up 0.6% to trade around $47,800 at 10:14 a.m. Wednesday in New York, following a near 7% drop the prior session. It has retreated some 16% this month, while the wider crypto universe has shed more than $300 billion of market value over the period, according to tracker CoinGecko.