Matrixport, a crypto exchange and lending platform, said it has been bullish on digital assets since mid-December, but signals from the U.S. economy are now forcing it to be more cautious.

In a research report published early Friday, the firm said it is still not the time to be outright bearish, but suggested cutting exposure by 50% if bitcoin (BTC) prices fall below $22,800. The largest cryptocurrency by market cap slumped overnight and was trading around $22,400 at publication time.

(By Will Canny)

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