Bitcoin drops below $US22,000 as economic data weighs down

Crypto leader Bitcoin continues its slide south, dropping another 3 per cent over the weekend, to below $US22,000

Cryptocurrency leader bitcoin continues its slide, down another 3 percent, amid broad-based losses.

Bitcoin’s slide below 22,000-US dollars comes after a brief boost on Friday on strong US job numbers.

Bitcoin’s value is more than 50 percent lower than the start of the year and over 69 percent below its all-time high in November 2021.

Ethereum has also dropped, down 3.4 percent, while binance coin is also down 3.6 percent.

Trading is likely to be volatile across equities and speculative assets ahead of official US inflation data on Wednesday.

It comes as traders wait and watch on how major crypto lender Celsius works itself out of a debt and liquidity crunch as it looks to “preserve and protect assets”.

What’s behind the Crypto crash?

Anyone who’s been interested in cryptocurrency knows that it’s volatile with its “boom and bust” cycles. Bitcoin has fallen below $US20,000 for the first time since November 2020.

Over the last 7 months its value has shrunk by more than 70%

Ticker’s Omer Kablan explains.