By John Meyer, consultant in financial affairs – Eurasia Business News, August 5, 2024. Article n°1134.
Bitcoin is falling sharply on Monday amid a global sell-off in risky assets.
Bitcoin fell by 10.8% to $52,827, according to CoinDesk. Over the past five sessions, the cryptocurrency has lost more than 21% of its value, although it has gained almost 26% since the beginning of the year.
Bitcoin price is now at 46 606 EUR, at 01:14 PM Paris time.
Bitcoin has fallen below the 55,000 USD support level it had maintained for much of the year. If it doesn’t recover, this could result in its worst monthly performance since June 2022.
Ether fell by 15.3% to $2,330. This is a record drop since 2021.
The Japanese stock index on Monday fell by 12.4%, the fastest pace since October 1987, and futures on the US stock index Nasdaq Composite fell by 4.2%.
A disappointing U.S. jobs report for July reignited investor anxieties about the economy. Additionally, Goldman Sachs increased its recession probability to 25%.
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The collapse of risky assets is caused by increased fears of a recession in the United States after weak statistics published last week. Goldman Sachs analysts now believe that the probability of a downturn in the US economy in the coming year is 25% instead of the previously expected 15%, and the markets see a 60% chance that the Fed will hold an extraordinary meeting this week and lower the key interest rate by 25 basis points.
“The market is in panic mode,” said Grace Chen, head of the Bitget cryptocurrency exchange.
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© Copyright 2024 – Eurasia Business News. Article No. 1134.
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