Bitcoin (BTC) tanked in November on the back of high volumes, raising the possibility that the market has, to some extent, capitulated.

The largest cryptocurrency by market capitalization is currently trading at $4,000 – down 36 percent from its monthly opening price of $6,318 – according to CoinMarketCap data. That drop marks the biggest monthly loss of the year so far.

Amid the losses, trading volumes jumped by 33 percent month-on-month to $158.48 billion – the highest level since May.

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