Bitcoin continues to fall, heading towards its worst monthly performance since the cryptocurrency crash in June 2022.

Bitcoin continued its downward trend on Tuesday, heading towards its largest monthly drop since a series of industry closures in 2022. During the Asian trading session, Bitcoin fell by as much as 2.64% to $62,858. The drop in February has now exceeded 19%, expected to be the worst monthly performance since June 2022. The collapse of stablecoin TerraUSD triggered a chain reaction, leading to the closure of companies like cryptocurrency hedge fund Three Arrows Capital and lending platform BlockFi. Bitcoin is also moving towards its fifth consecutive month of decline, marking the longest bear market since 2018. 2018 was also a challenging period for the cryptocurrency market, with the collapse of the initial coin offering frenzy being a significant event.