Synopsis
Bitcoin and Ether fell to multi-month lows as concerns about a potential U.S. recession spurred investors to seek safer assets. After an initial boost from the approval of an exchange-traded fund, fears of a broader economic downturn and geopolitical issues led to a significant selloff. Bitcoin dropped nearly 20% from its March 2024 high.
Bitcoin and Ether tumbled on Monday to multi-month lows as worries over a possible U.S. recession in the wake of soft data gripped financial markets and triggered a rush to safe-haven assets.
Crypto markets have gotten a boost this year after the U.S. Securities and Exchange Commission approved an exchange-traded fund to track the spot price of bitcoin and ether.
More recently, however, bitcoin has fallen alongside other assets including global equities in a broad selloff as investors fear that a U.S. recession could be on the horizon, with rising geopolitical worries also weighing. The cryptocurrency is off nearly 20% from its March 2024 high.
Crypto Tracker
TOP COIN SETSBTC 50 :: ETH 50-25.83% BuyCrypto Blue Chip – 5-26.92% BuyDeFi Tracker-34.40% BuyNFT & Metaverse Tracker-34.82% BuyAI Tracker-39.62% BuyTOP COINS (₹) Tether84 (0.16%)BuySolana10,952 (-9.94%)BuyBitcoin4,586,018 (-10.02%)BuyBNB38,099 (-13.98%)BuyEthereum195,733 (-19.93%)Buy “It’s a big reminder that Bitcoin and crypto in general are risk assets and sit at the pointy end of the risk spectrum,” said Tony Sycamore, market analyst at IG.
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View Details » Bitcoin sank to $53,091, its lowest since late February and last fetched $54,112, while ether slid to its weakest since mid-January and was last down 16% at $2,300.
Sycamore said bitcoin is testing trend channel support at $54,000/$53,000 area and needs to hold that level to “prevent further capitulation towards $48,000.”
