From Investing.com
August 5, 2024 03:15 AM:

Bitcoin and ether prices plummeted to multi-month lows due to concerns about a possible U.S. recession. The SEC approved an ETF to track their spot prices earlier this year, but recent fears of a recession have led to significant losses. Bitcoin fell 13% to $51,560, marking its largest one-day drop since November 2022.

Ether also slid 17% to $2,277, its lowest since mid-January. Market analyst Tony Sycamore emphasized the riskiness of crypto assets, stating that they are at the volatile end of the risk spectrum. Bitcoin’s trend channel support at $54,000/$53,000 is crucial to prevent further declines towards $48,000.

As a result of the selloff, shares in U.S. crypto-related stocks like Coinbase, Riot Platforms, and Marathon Digital plummeted. Coinbase was down over 18%, while Riot Platforms and Marathon Digital fell 17.7% and 20%, respectively. Geopolitical concerns are also contributing to the market volatility.

Read more at Investing.com: Bitcoin, ether hit multi-month lows as recession worries take hold By Reuters