SYDNEY, Nov 21 — Binance chief executive Richard Teng said today bitcoin’s sharp drop in the past month was the result of investors deleveraging cryptocurrency holdings and risk aversion in line with that seen in most major asset classes.

Bitcoin, the world’s most valuable cryptocurrency, has tumbled 21.2 per cent in November, bringing losses over the past three months to 23.2 per cent as chances increase that it will end the year below US$90,000 (RM373,000).