Bitcoin and ether plunged on Monday (Aug 5) to multi-month lows as worries over a possible US recession in the wake of soft data gripped financial markets and triggered a rush to safe-haven assets.
Representation of the bitcoin cryptocurrency and a price chart are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoBitcoin and ether plunged on Monday to multi-month lows as worries over a possible US recession in the wake of soft data gripped financial markets and triggered a rush to safe-haven assets.
More recently, however, bitcoin has fallen alongside other assets including global equities in a broad selloff as investors fear a US recession could be on the horizon, with rising geopolitical worries also weighing. It has lost over a third of its value since hitting a record high in March. Bitcoin fell 13 per cent from its close on Sunday to US$51,560, heading for its largest one-day fall since November 2022 and its lowest since February. Ether slid 17 per cent to its lowest since mid-January at US$2,277.
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