Bitcoin price drops again in latest bad news for crypto market

Bitcoin is once again losing value, the latest setback in a tough 2022 for cryptocurrency.

The price is down 1.4 per cent in the last hour, and more than 4 per cent in the last day.

The recent difficulties mean that bitcoin has lost all of the gains it made on Wednesday, when it appeared to bounce back slightly from its recent weak performance.

Bitcoin started 2022 around $47,000, already a long way from the almost $70,000 record high it hit in November last year.

It has continued to struggle since the new year, languishing around $42,000 in the time since.

The poor performance has meant that bitcoin has suffered the worst start to a year since 2012, and the longest losing streak in years.

It has led analysts to fear that the market could be headed towards a major slump and an end to the bull market that has sent cryptocurrency to such high prices and public prominence in recent months.