- Bitcoin has slumped nearly 10% over the past month after starting 2023 on a tear.
- The token is trailing gold and lagging stocks and bonds over that period.
$4's rally this year looks like it could fizzle out as increased regulatory scrutiny and the collapse of two crypto-friendly banks weigh on investors' appetite for the token.
The most popular cryptocurrency has slumped by nearly 10% over the past month – and more than 5% in the past five days alone – to trade at around $27,000.
The declines come after bitcoin started the year on a tear. Investors' optimism that the Federal Reserve would soon start slashing interest rates fueled a 67% rally over the first three months of 2023.
The token has lagged $4, which is $4, since then.
It's also trailing the benchmark $4 stock market index, which has edged up 1% over the past month, as well as Bloomberg's Global Aggregate Bond Index, which has traded nearly flat over the same period.
Bitcoin's underwhelming month has coincided with a string of $4. Watchdogs including the Securities and Exchange Commission have cracked down on major exchanges including Binance and Kraken.
Crypto-friendly banks Signature and Silvergate Capital were also early victims of the ongoing regional banking crisis, which some analysts believe could also cause short-term disruption for the token.
Other cryptos have also slumped in the past month, with $4 falling 10% and $4 down 17%. Meme token $4 has seen its price fall 18% over the same period.