Bitcoin, ether hit multi-month lows as recession worries take hold#BTCMarketPanic

Bitcoin

BTCUSD and ether ETH plunged on

Monday to multi-month lows as worries over a possible U.S. recession in the wake of soft data gripped financial markets and triggered a rush out of risky assets.

The selloff marks a stunning reversal just days after optimism fueled by Republican presidential candidate Donald Trump's speech pushed bitcoin, the world's biggest cryptocurrency, over the $70,000 mark for the first time in more than a month.

Crypto markets have gotten a boost this year after the U.S. Securities and Exchange Commission approved exchange-traded funds to track the spot prices of bitcoin and ether.

More recently, however, the currencies have tumbled alongside other assets including global equities, as investors fear a U.S. recession could be on the horizon, with rising geopolitical worries also weighing.$ETH $BTC $BNB #RecessionOrDip? #BTCMarketPanic #MarketDownturn #Babylon_Mainnet_Launch