Bitcoin faces first monthly drop as AI shines

[superadmin]

HONG KONG: The crypto rebound is losing steam, leaving Bitcoin on course for its worst month since the FTX exchange collapsed in November last year.

The roughly 6% drop in May is Bitcoin’s first monthly retreat of 2023. A gauge of the top 100 digital assets has dropped by a similar magnitude.

The largest crypto coin bounced 84% from the turn of the year through mid-April, briefly scaling US$31,000, but the climb has since fizzled to 67%. Ebbing liquidity and restrictive monetary policy has curbed enthusiasm for crypto.

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