Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Bitcoin, ether sink to multi-month lows as recession worries take hold

by Uma Rajagopal
0 comments
2024 08 04T160836Z 2 LYNXMPEK7307O RTROPTP 4 FINTECH CRYPTO BITCOIN

 

(Reuters) -Bitcoin and ether tumbled 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 to safe-haven assets.

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

More recently, however, bitcoin has fallen alongside other assets including global equities in a broad selloff as investors fear that a U.S. recession could be on the horizon, with rising geopolitical worries also weighing. The cryptocurrency is off nearly 20% from its March 2024 high.

“It’s a big reminder that Bitcoin and crypto in general are risk assets and sit at the pointy end of the risk spectrum,” said Tony Sycamore, market analyst at IG.

Bitcoin sank to $53,091, its lowest since late February and last fetched $54,112, while ether slid to its weakest since mid-January and was last down 16% at $2,300.

Sycamore said bitcoin is testing trend channel support at $54,000/$53,000 area and needs to hold that level to “prevent further capitulation towards $48,000.”

(Reporting by Ankur Banerjee in Singapore, Surbhi Misra in Bengaluru and Ira Iosebashvili in New York; Editing by Will Dunham and Shri Navaratnam)