Bitcoin price managed to stabilize on Monday, after experiencing its longest continuous decline since 2018 at the start of the year.
The cryptocurrency is holding above the key psychological barrier of $40,000, although market analysts have warned that a severe sell-off could occur if it breaks below that level.
Funds are already being moved to exchanges by some investors, with one anonymous wallet transferring more than $40 million in BTC to Coinbase.
Other leading cryptocurrencies have seen a similar drop in bitcoin fortunes, with Ethereum (ETH), Binance Coin (BNB) and Solana (SOL) all down nearly 20 percent over the past seven days.
Chainlink (LINK) was the only top 20 cryptocurrency by market capitalization to have seen any positive movement since the start of 2022, rising more than 15 percent in price.
You can follow the latest cryptocurrency market news, analysis and expert price predictions in the live blog below.
Bitcoin price rebounds as experts predict ‘rising prices’
Bitcoin price managed to hold over $41,000, after venturing briefly into the sub-$40,000 region earlier today. Where you go from here will depend on a number of factors, but its short-term direction could ultimately determine overall market sentiment and thus the future path over the coming weeks.
We’ve heard from a couple of crypto experts, who tentatively predict that bitcoin could recover some of its losses, at least in the short term.
Here is what Marcus Soterio, an analyst at UK-based digital asset broker GlobalBlock, and Mike Novogratz, CEO of Galaxy Digital had to say:
Anthony CuthbertsonJan 10 2022 20:06
“When in doubt, minimize”
Bitcoin managed to get back above $41,000, which likely signals the end of its seven-day losing streak if it can hold its own.
Crypto industry insiders and commentators have been offering their views on the recent market downturn on social media.
This is often repeated from Dan Heald, who works at crypto exchange Kraken, during times of price turmoil: “When in doubt, minimize.”
Anthony CuthbertsonJan 10 2022 16:27
Bitcoin price flash crash
The recovery from the flash crash points to support at this level, just as it did in September 2021 when it rebounded from around $39,550.
Anthony CuthbertsonJan 10 2022 15:26
Bitcoin price experienced longest losing streak since 2018
Bitcoin has fallen for seven consecutive days, posting the longest losing streak since August 2018.
It is now down about 40 percent since its peak in November, with analysts warning of the potential for more selling if it falls below the crucial $40,000 level. The last time this low was in September 2021, when it reached as low as $40,000 and rebounded again to reach new highs within two months.
You can read the full story here.
Anthony CuthbertsonJan 10 2022 14:01
Hello and welcome…
to independentLive coverage of the cryptocurrency market. We’ll bring you the latest news and market analysis throughout the day, as well as forecasts from cryptocurrency analysts and experts.
Anthony CuthbertsonJan 10 2022 13:49