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Bitcoin sees 14 percent decline, reaching USD52K due to recession concerns
(MENAFN) On Monday, Bitcoin experienced a significant decline, plummeting by more than 14 percent to hover around USD52,000. This sharp drop was driven by mounting concerns over a potential US recession, following the release of weaker-than-expected jobs data. The softer employment numbers led to increased investor anxiety and a subsequent flight towards safe-haven assets, further pressuring the cryptocurrency market.
Bitcoin's price fell to as low as USD52,029 at 06:14 AM GMT, marking a substantial daily loss of 14.40 percent. Meanwhile, Ethereum, the largest Altcoin by market capitalization, also saw a dramatic decline, trading at USD2,283 after experiencing a 21.61 percent drop on the day. These steep losses reflect a broader downturn in the cryptocurrency market, as investors reacted to the economic uncertainty.
The overall value of the cryptocurrency market was approximately USD1.83 trillion, reflecting a significant decrease of more than 15 percent for the day, according to CoinMarketCap, a leading digital asset price-tracking website. This substantial drop underscores the volatility in the cryptocurrency sector, as market participants adjust their positions in response to shifting economic conditions.
The concerns over the US economy were intensified by the Labor Department's report on Friday, which revealed that the US economy had added only 114,000 jobs in July, falling short of the market expectations of 176,000. This unexpected shortfall in job growth has raised fears that the central bank may have been slow in adjusting its monetary policy, potentially pushing the US economy toward a recession.
Bitcoin's price fell to as low as USD52,029 at 06:14 AM GMT, marking a substantial daily loss of 14.40 percent. Meanwhile, Ethereum, the largest Altcoin by market capitalization, also saw a dramatic decline, trading at USD2,283 after experiencing a 21.61 percent drop on the day. These steep losses reflect a broader downturn in the cryptocurrency market, as investors reacted to the economic uncertainty.
The overall value of the cryptocurrency market was approximately USD1.83 trillion, reflecting a significant decrease of more than 15 percent for the day, according to CoinMarketCap, a leading digital asset price-tracking website. This substantial drop underscores the volatility in the cryptocurrency sector, as market participants adjust their positions in response to shifting economic conditions.
The concerns over the US economy were intensified by the Labor Department's report on Friday, which revealed that the US economy had added only 114,000 jobs in July, falling short of the market expectations of 176,000. This unexpected shortfall in job growth has raised fears that the central bank may have been slow in adjusting its monetary policy, potentially pushing the US economy toward a recession.
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