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Bitcoin, Ether sink to multi-month lows as recession worries take hold

Economic TimesEconomic Times · 3m
Bitcoin, Ether sink to multi-month lows as recession worries take hold

Bitcoin and Ether experienced significant drops as concerns over a potential U.S. recession and soft data drove investors to seek safe-haven assets. The approval of a bitcoin and ether-tracking exchange-traded fund by the U.S. SEC earlier this year had initially boosted crypto markets. However, both bitcoin and ether have fallen alongside global equities amid fears of an impending recession and rising geopolitical tensions. Bitcoin is currently down nearly 20% from its peak in March. Market experts emphasize that cryptocurrencies are high-risk assets and caution about potential further declines. Bitcoin dropped to $53,091, its lowest since February, while ether hit its weakest point since January, falling 16% to $2,300.

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