Cryptocurrency "free fall"

The trading value of the two cryptocurrencies bitcoin and ethereum on August 5 fell to the lowest level in many months, in the context of investors' concerns that the US economy could fall into recession with negative signals from the job market.

Bitcoin and Ethereum. Photo: GETTY IMAGES

The cryptocurrency market received a boost after the US Securities and Exchange Commission (SEC) approved an exchange-traded fund (ETF) that tracks the spot price of bitcoin and ethereum. However, bitcoin and other assets such as stocks are currently being sold off globally as investors fear a US economic recession, as well as increased pressure from geopolitical risks. Cryptocurrencies have lost nearly 20% of their value from their March 2024 peak.

Bitcoin and cryptocurrencies in general are still risky assets, albeit not at a high level, according to market analyst at IG exchange, Tony Sycamore.

Bitcoin briefly fell to $53,091, its lowest level since late February, before recovering to $54,112. Meanwhile, the cryptocurrency Ethereum lost 16% of its value to $2,300, after briefly sliding to its lowest level since mid-January. According to expert Sycamore, if Bitcoin falls below $53,000-$54,000, the currency could fall to $48,000.

PEARL

Source: https://www.sggp.org.vn/tien-dien-tu-roi-tu-do-post752669.html