Bitcoin, ether hit multi-month lows as recession worries take hold
Bitcoin and ether plunged 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 a U.S. recession could be on the horizon, with rising geopolitical worries also weighing. It has lost over a third of its value since hitting a record high in March.
«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 fell 13% from its close on Sunday to $51,560, heading for its largest one-day fall since November 2022 and its lowest since February. Ether slid 17% to its lowest since mid-January at $2,277.
Sycamo
