Bitcoin continued to trend bearishly heading into the new week, falling around 2% to US$16,200. Bears are eyeing up the US$16,000 support line, the point at which bitcoin last fell below seven days prior.
Ethereum is also stuck in a downtrend, having dipped below US$1,160 this morning, though the second-largest cryptocurrency has since recovered above the US$1,170 price point, with the bulls eyeing up US$1,180 as the next recovery target.
Social unrest in China is causing macro headwinds on all risk-on assets, while overhangs from the collapse of the FTX exchange continue to cause distress in the markets.