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Bitcoin price drops again – latest bad news for crypto market

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At the start of 2022, bitcoin saw its longest continuous price decline since August 2018

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Bitcoin is once again losing value, the latest setback in a tough 2022 for cryptocurrency.

The price is down 1.4 per cent in the last hour, and more than 4 per cent in the last day.

The recent difficulties mean that bitcoin has lost all of the gains it made on Wednesday, when it appeared to bounce back slightly from its recent weak performance.

Bitcoin started 2022 around $47,000, already a long way from the almost $70,000 record high it hit in November last year.

It has continued to struggle since the new year, languishing around $42,000 in the time since.

Bitcoin is approaching a market pattern known as a “death cross” after experiencing one of the worst price slides in recent years.

The cryptocurrency dipped below $40,000 on Monday following seven straight days of losses, marking the longest losing streak since August 2019 and the worst start to a year since 2012.

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