Bitcoin is on track for its steepest monthly decline since a wave of corporate failures rocked the crypto industry in 2022.

The world’s largest cryptocurrency dropped as much as 6.4% to $81,629 on Friday before trimming losses, according to Bloomberg data. It was trading at $84,166 at 7:42 a.m. in London. Ether also slumped, falling as much as 7.6% to below $2,700.

Bitcoin has now lost roughly 23% in November — its sharpest monthly drop since June 2022. That earlier crash followed the collapse of Do Kwon’s TerraUSD stablecoin in May, which set off a chain reaction of corporate failures and ultimately led to the implosion of Sam Bankman-Fried’s FTX exchange.