A worldwide market sell-off sparked by recession worries saw cryptocurrencies plummet.
The price of bitcoin fell by over 14% on Monday to $50,759.96, setting it up for its worst day since June 2022. It dropped to $49,111.10 at one point, the lowest since February 13.
Since Saturday, bitcoin has dropped by around 18%. On July 20, one week ago, it reached a high of $69,982.
It’s encouraging that bitcoin bounced back above $50,000 and that 30% slumps, as scary as they are, are par for the course during bull markets.”
“But don’t get me wrong, the market is choppy and unpredictable right now. The time to turn positive will be when bitcoin regains its 200-day moving average, which, at $61,500, normally indicates whether we are in a bull or bear market.
The losses in ether were considerably more severe. The digital asset erased its 2024 gain and fell 17% to $2,259.35, extending its three-day loss to 24%.
Source (CNBC)
