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Bitcoin's Decline Signals Caution for Risk Assets
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Bitcoin (BTC) fell below $57,000 on Thursday, losing over 2% amid growing U.S. recession concerns. Since peaking at $65,000 in late August, Bitcoin has steadily declined, following a "sell-on-rise" trend. Major altcoins like Ethereum (ETH) and XRP saw little change after brief rebounds.
Analysts link the drop to weak economic data, including lower-than-expected job openings and a dip in the ISM Manufacturing Index, fueling fears of a recession. The Federal Reserve’s Beige Book also reported a weakening labor market.
Despite hopes for rate cuts, Bitcoin lacks strong support, signaling limited risk appetite across markets. Experts advise reducing exposure to BTC during these uncertain times.
