Bitcoin prices were nearly 1% lower Monday morning as the early morning price remained above $42,800.
It continued to display sluggishness as troubling economic signs continue to drag down the cryptocurrency, Coindesk reported.
Bitcoin rivals Ethereum and Dogecoin were also lower early Monday, with Ethereum worth about $3,269 (-1.86%) and Dogecoin trading at around 17 cents (-6.85%).
Digital currencies are expected to grow in acceptance this year as Bitcoin’s value remains well off its highs just two months ago. The cryptocurrency declined by roughly 30% from an all-time high near $69,000 in November, and now technical indicators suggest the sell-off is starting to stabilize.
Almost a quarter of small businesses in nine countries around the world plan to take it as a form of payment, while 13% of consumers in those countries expect retail stores to begin offering crypto payments this year and beyond, according to a survey by Visa Inc.
The survey included 2,250 small business owners,1,000 adults in the United States, along with 500 adults from each of the nine countries, according to Reuters.
In other cryptocurrency news, Coindesk reports investors are on the lookout for indications the largest cryptocurrency by market capitalization has reached a bottom point and is ready to begin to rebound.
Overall, the crypto market’s struggles come as COVID-19’s Omicron variant of the virus continues to grow and many businesses struggle with supply chain issues and the increasing cost of raw materials. Last Wednesday the U.S. central bank also reported that inflation had hit 7%, a 40-year high.