Bitcoin price crash: Why is crypto market collapsing?
Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. The crypto market downturn can be pinpointed to broader economic turmoil, which has seen massive losses for stock markets across Europe and Asia on Monday. Coins representing bitcoin are placed on banknotes in Briancon, France, 2 May, 2024 “Risk assets nosedived during the Asian trading session on Monday as a weaker US jobs report and higher unemployment rate from Friday, and a rising Japanese yen following the Bank of Japan’s recent interest rate hike, caused investors to flee risk assets,” said Simon Peters, a crypto analyst at the online trading platform eToro, who said that technical indicators may suggest bitcoin has bottomed out ahead of a potential recovery. “The wider digital token space is following steep losses in global stock markets amid fears of a slowdown in the US economy that is spurring speculation of an emergency rate cut by the Federal Reserve.” Cryptocurrencies continue to function as a “hair-trigger, risk-off asset”, according to Mr Firstov, though he claimed structural growth in the crypto space in recent months should mean it is robust enough to withstand any sudden sell-offs. The first was the approval of the first ever bitcoin spot exchange traded fund by the US Securities Exchange Commission in January, which brought billions of dollars of institutional investment to the crypto market for the first time.
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