Bitcoin's Worst February in 11 Years

Bitcoin (BTC) has experienced its worst February in 11 years, with the leading cryptocurrency plunging to its lowest level in three months. The sell-off, which began earlier this week, culminated in the liquidation of $1.5 billion in perpetual futures. Despite hopes that the worst was over, today's trading session saw Bitcoin's price drop by 1.48% to as low as $85,400, erasing all the gains, including the pump that took Bitcoin to a new all-time high of $109,588.

Adding to the bearish sentiment, this February has been particularly harsh for BTC. According to data from CryptoRank, the last time the situation with the major cryptocurrency was this ugly in February was in 2014, when Bitcoin recorded a 33.7% correction. Since then, there have not been such bad second months of the year, until now.

As March approaches, historical trends suggest an average return of 11.8% for the first month of spring. However, the median return differs significantly, at -2.10%. While historical trends may not predict the future of the cryptocurrency market, they can still provide valuable insights and serve as useful benchmarks.