Cryptocurrencies have taken a tumble in 2022.

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An improvement in macroeconomic factors, a particular trading pattern and a further shakeout of companies and projects could be the key ingredients required for bitcoin and the broader crypto market to bottom, industry players told CNBC.

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 and traders trying to figure out where the bottom is.

Here are some of the factors that could help the crypto market find a floor.

Improving macro picture

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.

Cryptocurrencies have seen some correlation with U.S. stock markets and have fallen in tandem with stocks.

There are also fears of a recession but an improving macroeconomic picture could help the crypto market find the bottom.

Deleveraging coming to an end?

Trading pattern

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