For bitcoin to bottom here's what the market wants to see — and it could mean a further 30% drop
— Heres, Crypto, Butterfill, Market, Told, Prices, Bitcoin, Companies, Drop, Inflation — 1 min read
Bitcoin has plummeted more than 70% from its record high in November with around $2 trillion wiped off the value of the entire cryptocurrency market. For the last few weeks, bitcoin has been trading within a tight range between $19,000 and $22,000 with no major catalyst to the upside. An improvement in macroeconomic factors, a particular trading pattern and a further shakeout of companies and projects could be the key ingredients for bitcoin and the broader crypto market to bottom, industry players told CNBC. Bitcoin has been hurt by the macroeconomic situation of soaring inflation that has forced the U.S. Federal Reserve and other central banks into hiking interest rates which has hurt risk assets such as stocks. A weaker economic outlook could push the Fed to slow down its tightening push Source