tiprankstipranks
Bitcoin Takes a Tumble as Markets Blink
Market News

Bitcoin Takes a Tumble as Markets Blink

Bitcoin (BTC-USD) and Ethereum (ETH-USD) are down 2.5% and 2.3% respectively at the time of writing today as investors prefer caution over optimism.

The slide in prices comes in sync with the U.S. as well as global indices as the passage of the U.S. debt ceiling bill will be decided today. Bitcoin, the biggest Cryptocurrency globally, has failed to hold above the crucial $30,000 level and is now trading fairly below its 50-day moving average.

While BTC still remains 61% higher year-to-date, the global economy continues to flash warning signs with major economies officially entering a recession and job losses continuing unabated across the board.   

These signs are already evident in the Chinese manufacturing numbers this week. Manufacturing PMI in the country has now plummeted to a five-month low, impacting hopes of a demand uptick globally.

Consequently, along with BTC, major crypto-focused stocks including Coinbase (NASDAQ:COIN), Marathon Digital (NASDAQ:MARA), and Riot Platforms (NASDAQ:RIOT) are also trending lower today.

The crypto market has been looking to shrug off the aftereffects of the crypto winter since the beginning of 2023 and any onslaught of adverse macro developments coupled with tightening liquidity conditions over the coming months could derail the gains made so far this year.

Read full Disclosure

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles