The cryptocurrency is holding above the key psychological barrier of $40,000, though market analysts have warned that a severe sell-off could take place take place if it falls below that level.
Funds are already being moved onto exchanges by some investors, with one anonymous wallet transferring more than $40 million in BTC onto Coinbase.
Other leading cryptocurrencies have experienced a similar downturn in fortunes to bitcoin, with Ethereum (ETH), Binance Coin (BNB) and Solana (SOL) all falling by around 20 per cent over the last seven days.
The only top 20 cryptocurrency by market cap to see any positive movement since the start of 2022 has been Chainlink (LINK), which has risen by more than 15 per cent in price.
You can follow all the latest cryptocurrency market news, analysis and expert price predictions in the live blog below.
Bitcoin price sees longest losing streak since 2018
Bitcoin has fallen in price for seven consecutive days, marking its longest losing streak since August 2018.
It’s now down nearly 40 per cent since its November peak, with analysts warning that a further sell-off could be triggered if it falls below the crucial $40,000 level. The last time it was this low was in September 2021, when it bottomed out at $40,000 and bounce back to hit new record highs within two months.
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Anthony Cuthbertson10 January 2022 14:01
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to The Independent’s live coverage of the crypto market. We’ll be bringing you all the latest news and market analysis throughout the day, as well as forecasts from cryptocurrency analysts and experts.
Anthony Cuthbertson10 January 2022 13:49