(Jan 22): Bitcoin, the largest digital asset, extended its decline on Saturday (Jan 22), and has now shed more than 50% from its record high in November while adding further momentum to the meltdown in cryptocurrencies. Bitcoin’s decline since hitting the record has wiped out more than US$600 billion (about RM2.51 trillion) in market value, and over US$1 trillion has been lost from the aggregate crypto market. Bitcoin fell as low as US$34,042.78 on Saturday, a drop of 7.2%, before paring most of those losses. Other digital assets also slid, with Ethereum down 12%. “I would expect it to take some time for a bottom to form and for confidence to return before expecting any sort of bullishness,” Hughes said.

Source: The Edge Markets January 22, 2022 16:16 UTC