"Bitcoin Price Plunges Below $60,000 Amid Fears of US Recession
The price of bitcoin (BTC) dropped below $60,000 on Saturday, fueled by growing concerns that the US economy is heading towards a recession. This comes after a disappointing US jobs report on Friday, which showed only 114,000 jobs added in July 2024 - significantly lower than the expected 175,000.
The unemployment rate also unexpectedly rose to 4.3%, its highest level since October 2021. These worrying economic indicators have sparked fears that the US economy is weaker than previously thought, despite the Federal Reserve's decision to maintain interest rates at 5.25%-5.5%.
Fed Chair Jerome Powell hinted at a possible rate cut in September if economic conditions improve, but economists remain skeptical. The recent crypto market volatility, including major transfers by crypto lender Genesis, has added to the uncertainty.
As the economic slowdown continues, investors are becoming increasingly cautious, leading to a decline in bitcoin's price. Will the US economy bounce back, or is a recession looming?"
