Bitcoin Tumbles: Over 8% Loss in a Week Amid U.S. Recession Concerns
Recent data reveals troubling signs for the U.S. economy, significantly impacting the cryptocurrency market.
Last month, job additions in the U.S. totaled only 142,000, missing the expected 161,000. The unemployment rate stayed at 4.2%, meeting predictions.
This employment report increases the likelihood of the Federal Open Market Committee (FOMC) cutting U.S. interest rates on the 18th of this month.
It also heightens fears of a U.S. recession, potentially devastating for volatile markets like cryptocurrencies. At noon in Brasília, bitcoin had fallen 4.5% in the last 24 hours to $53,978.
Ethereum, Ethereum’s currency, decreased 4.1% to $2,278, as reported by CoinGecko. The global cryptocurrency market cap now stands at $2.02 trillion.
In Brazilian currency, bitcoin declined 4.07% to R$305,169, and ether dropped 4.36% to R$12,802, according to MB data.
Other cryptocurrencies also experienced declines. Solana (SOL) fell 3.3% to $127.59, Binance Smart Chain’s BNB decreased 2.7% to $488.76, and Avalanche (AVAX) dropped 1.2% to $21.18.
Bitcoin Network Milestone Amidst Market Trends
Bernardo Bonjean, Metrix’s founder, notes that despite recent drops, bitcoin’s hash rate reached an all-time high above 740 million TH/s (740 trillion hashes per second).
In addition, he states, “This milestone showcases the network’s long-term sustainability and robustness.”
In U.S. markets, Bitcoin spot-traded ETFs saw a net outflow of $211.1 million yesterday, marking seven consecutive days of withdrawals. Fidelity’s FBTC faced the largest drawdown, with $149.5 million exiting.
Ether ETFs showed a slight negative flow of $200,000, driven by a sell-off that exceeded purchases by $7.4 million in Grayscale’s ETHE.
Fernando Szterling, head of Bipa Premium, highlights that Bitcoin remains pressured. The cryptocurrency market’s Fear & Greed Index is currently at 22 points, indicating prevailing investor fear.
He comments, “Ongoing concerns over a U.S. recession and the upcoming presidential elections are key pressures on bitcoin.”
Szterling suggests that the dip might offer a buying opportunity, as no specific factors within the bitcoin ecosystem explain the decline.
Live Market IntelligenceCrypto — Live Market Board
Rio Times · Live Market Intelligence
Crypto — Live Market Board
-0.97%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 65,858 | -0.97% | -45.10% | 66,505 | 66,685 | 65,540 | 28,752,562,176 |
| ETH | 1,925 | -0.18% | -48.64% | 1,928 | 1,954 | 1,910 | 10,570,264,576 |
| SOL | 77.56 | -0.70% | -62.28% | 78.11 | 78.70 | 77.00 | 1,661,667,584 |
| XRP | 1.14 | -0.39% | -67.94% | 1.14 | 1.16 | 1.13 | 1,164,159,744 |
| BNB | 569.70 | -0.68% | -27.53% | 573.60 | 575.05 | 567.31 | 993,642,432 |
| ADA | 0.17 | +0.66% | -80.67% | 0.17 | 0.18 | 0.17 | 285,986,304 |
| DOGE | 0.07 | -1.15% | -73.17% | 0.07 | 0.07 | 0.07 | 544,017,088 |
| AVAX | 6.60 | +0.59% | -74.48% | 6.56 | 6.65 | 6.47 | 207,878,176 |
| LINK | 8.61 | -0.38% | -56.15% | 8.65 | 8.73 | 8.58 | 196,450,000 |
| DOT | 0.84 | -0.69% | -81.51% | 0.85 | 0.86 | 0.83 | 68,098,712 |
| LTC | 47.13 | +0.67% | -60.60% | 46.82 | 47.16 | 46.35 | 185,300,976 |
| BCH | 219.21 | -2.01% | -58.29% | 223.70 | 225.27 | 219.06 | 85,937,784 |
| TRX | 0.33 | -0.33% | +4.00% | 0.33 | 0.33 | 0.33 | 394,010,432 |
| XLM | 0.19 | -2.39% | -60.33% | 0.19 | 0.19 | 0.19 | 149,640,960 |
| HBAR | 0.07 | +3.24% | -73.91% | 0.07 | 0.07 | 0.07 | 90,975,968 |
| NEAR | 1.86 | -3.98% | -38.56% | 1.94 | 1.95 | 1.86 | 172,219,504 |
| ATOM | 1.47 | -1.28% | -71.33% | 1.48 | 1.49 | 1.46 | 21,058,464 |
| AAVE | 97.86 | +2.39% | -68.50% | 95.57 | 98.47 | 95.25 | 307,199,328 |
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