# Bitcoin, ether sink to multi-month lows as recession worries take hold
Published: 2024-08-05
Category: News
Category URL: https://internationalreleases.com/category/news/
Meta Title: Bitcoin and Ether Drop to Multi-Month Lows Amid US Recession Fears
Meta Description: Read about Bitcoin and ether plunging to multi-month lows amid fears of a U.S. recession. Stay informed on the latest developments in the cryptocurrency market.
URL: https://internationalreleases.com/bitcoin-ether-sink-to-multi-month-lows-as-recession-worries-take-hold/

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(Reuters) -Bitcoin and [ether](https://internationalreleases.com/cryptoverse-ethereum-upgrade-to-unlock-33-billion/) tumbled on Monday to multi-month lows as [worries](https://internationalreleases.com/logitech-q4-sales-plunge-22-as-economic-downturn-worries-weigh/) over a possible U.S. recession in the wake of soft data gripped financial markets and triggered a rush to safe-haven assets.

Crypto markets have gotten a boost this year after the U.S. Securities and Exchange Commission approved an exchange-traded fund to track the spot price of bitcoin and ether.

More recently, however, bitcoin has fallen alongside other assets including global equities in a broad selloff as investors fear that a U.S. recession could be on the horizon, with rising geopolitical worries also weighing. The cryptocurrency is off nearly 20% from its March 2024 high.

“It’s a big reminder that [Bitcoin](https://internationalreleases.com/cryptoverse-asian-traders-give-bitcoin-blast-off/) and crypto in general are risk assets and sit at the pointy end of the risk spectrum,” said Tony Sycamore, market analyst at IG.

[Bitcoin](https://internationalreleases.com/cryptoverse-asian-traders-give-bitcoin-blast-off/) sank to $53,091, its lowest since late February and last fetched $54,112, while [ether](https://internationalreleases.com/cryptoverse-ethereum-upgrade-to-unlock-33-billion/) slid to its weakest since mid-January and was last down 16% at $2,300.

Sycamore said bitcoin is testing trend channel support at $54,000/$53,000 area and needs to hold that level to “prevent further capitulation towards $48,000.”

(Reporting by Ankur Banerjee in Singapore, Surbhi Misra in Bengaluru and Ira Iosebashvili in New York; Editing by Will Dunham and Shri Navaratnam)


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