Bitcoin Crashes to $50K in First Mover Americas as ‘Perfect Storm’ Hits Crypto Market

Cryptos experienced a significant crash as global markets shifted towards risk-off sentiment. Bitcoin (BTC) fell below $60,000 over the weekend and further plummeted to $49,300 during Monday’s Asian morning as investors moved away from risk assets. Bitcoin is currently down by almost 15% in the last 24 hours, showing signs of recovery around $52,000. Ether (ETH) also experienced a significant drop of 22% to $2,100, marking its largest one-day decline since 2021. The broad-market benchmark CoinDesk 20 Index (CD20), which is heavily focused on altcoins, saw a decrease of nearly 20%, with major cryptocurrencies like solana (SOL) and Near Protocol (NEAR) plunging by 20% to 25%. In a market update, QCP analysts described the situation as a “perfect storm” impacting the market sentiment. The shift in sentiment was triggered by a combination of factors, including Friday’s U.S. economic and jobs data causing recession concerns and escalating tensions in the Middle East. The Japanese yen surged against the U.S. dollar, leading to a widespread unraveling of trades across various asset classes, resulting in record declines in Asian equity indexes on Monday. For instance, the Taiwanese index reported its worst day in 57 years. QCP also highlighted that the selling off of assets by crypto trading giant Jump further worsened the decline.

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