$BTC #MarketDownturn
🔥🔥🔥 $500 Billion ‘Panic Rush For Liquidity’—Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, Shiba Inu, And Dogecoin In Freefall: 😱😱😱
📌 The crypto market joins other risk assets in one of the worst bloodbaths of the past year.
The price of Bitcoin Bitcoin +8% fell 24%, hitting $53,000, while Ethereum's price dropped by almost a third to $2,340 over the past week. Altcoins didn't escape the rout: Cardano Cardano +10.9% plunged 27.7%, Solana solana +19.6% 36.2%, Dogecoin Dogecoin +15.5% 34.6%, XRP XRP 0.0% 23.1%, Shiba Inu 30.1%, and BNB BNB 0.0% 25.7%.
Crypto's bloodbath appears to be part of a broader flight to safety.
After the worse-than-expected unemployment report on Friday, the economy entered a technical recession according to a measure called the “Sahm Rule.”
More Forbes Money Investing$500 Billion ‘Panic Rush For Liquidity’—Price Of Bitcoin, Ethereump, BNB, XRP, Solana, Cardano, Shiba Inu, And Dogecoin In FreefallDan Runkevicius Senior Contributor Editor of Meanwhile in Markets Follow Aug 5, 2024,08:13am EDT Updated Aug 5, 2024, 09:15am EDTCrypto price crashdpa/picture alliance via Getty Images The crypto market joins other risk assets in one of the worst bloodbaths of the past .
”This rule marks the beginning of a recession when the unemployment rate’s three-month average increases by at least half a percentage point from its lowest point in the past year.Friday’s unemployment figures crossed that threshold and capped off a week of disappointing data that points to a more abrupt downshift in the economy than expected.In response, investors flew for safety and the stock market went downhill.Since Friday, the S&P 500 is down 2%, the Nasdaq 2.5%, and the Dow 1.5%. It may be, however, just the beginning of a broader rout, considering the Monday bloodbath overseas.
#BTCMarketPanic #RecessionOrDip? #Babylon_Mainnet_Launch #HamsterKombat
