Bitcoin, Ethereum, Dogecoin continue to fall as economic indicators weigh heavily on the cryptocurrency

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Bitcoin prices were nearly 1% lower on Monday morning, with the morning price remaining above $42,800.

It continued to show slowness as troubling economic signs continue to drive the cryptocurrency lower, Coindesk reported.

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Bitcoin rivals Ethereum and Dogecoin were also down early Monday, with Ethereum worth around $3,269 (-1.86%) and Dogecoin trading at around 17 cents (-6.85%).

Bitcoin was trading down nearly 1% early Monday morning, slightly above $42,800 per coin. (Stock)

Acceptance of digital currencies is expected to grow this year as Bitcoin’s value remains well below its highs of just two months ago. The cryptocurrency is down around 30% from an all-time high of nearly $69,000 in November, and now technical indicators suggest the selloff is starting to stabilize.

Nearly a quarter of small businesses in nine countries around the world plan to use it as a payment method, while 13% of consumers in these countries expect retail stores to start offering crypto payments this year. and beyond, according to a Visa Inc. survey.

The survey included 2,250 small business owners, 1,000 adults in the United States, as well as 500 adults from each of the nine countries, according to Reuters.

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In other cryptocurrency news, Coindesk reports that investors are looking for indications that the largest cryptocurrency by market capitalization has bottomed out and is ready to start bouncing back.

Overall, the crypto market struggles come as the Omicron variant of the COVID-19 virus continues to grow and many companies grapple with supply chain issues and the rising cost of cryptocurrencies. raw materials. Last Wednesday, the US central bank also announced that inflation had reached 7%, a 40-year high.

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