#BTC_MarketPanic_Dip #RecessionOrDip?
Bitcoin plunges to multi-month lows, wiping out over $220 billion in value amid recession fears
(BTC), the world's largest cryptocurrency by market value, plunged to multi-month lows on Monday as concerns over a potential US recession, fueled by disappointing economic data, spurred a rush to safe-haven assets.
Bitcoin has plummeted to around $53,000, marking a significant decline, while Ether has also turned negative for 2024, reflecting broader concerns in the crypto sector. This downturn is driven by regulatory pressures, adverse macroeconomic factors like weak US job data, and the Japanese stock market crash. Investors, fearing a prolonged bearish trend, are reacting with increased volatility and panic," said CoinSwitch Markets Desk.