In early October, the bitcoin price reached a new record high of just over $120,000 per bitcoin, but in the following days a volatile price decline began. On Friday, the price fell to $82,000 per bitcoin, before recovering to $87,000 on Sunday.
Bloomberg's commodities strategist Mike McGlone highlighted on Friday that the broad S&P 500 stock index has closed down for the full year twice since 2008, and that during both years there was also a decline in the bitcoin price. SEB's senior economist Johan Javeus also highlights in a morning letter that the bitcoin price is seen by many as "a canary in the mine" for the market's risk appetite.
With Sunday's recovery, the bitcoin price is down more than 20 percent since the beginning of the month. Even smaller cryptocurrencies have seen clear declines in November.
