Macro and technical headwinds accrue for bitcoin

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A weak start to 2022 and a host of looming macro and technical headwinds are setting cryptocurrencies up for a rough ride in the weeks to come.

The biggest of them, bitcoin has not managed to hold above the $50,000 mark since its Dec. 4 crash and is down 12% this year.

Bitcoin’s market capitalisation has dropped to around $793 billion, crypto platform CoinGecko estimated. It has lost about $93 billion since the start of this year.

Even as stocks linked to cryptocurrencies broadly mirrored the fall in prices of digital assets, a few stocks managed gains as they announced new ventures and offerings.

– Reuters

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