Bitcoin has experienced a significant decline, dropping by 6.5% over the last 24 hours and currently trading below $57,000. This downturn comes amidst growing fears of a global recession, which has led to increased market volatility and investor uncertainty.

The broader cryptocurrency market has also been affected, with many altcoins showing similar downward trends. Regulatory pressures and economic instability are contributing to the negative sentiment, raising concerns about the short-term future of digital assets.

Investors are advised to exercise caution as the market navigates these turbulent times, with potential further declines on the horizon.