Plunge

Ethereum

Bank

Bitcoin

Trillion

<ul>
 <li>Global markets fell sharply after a poor US jobs report, with US futures and cryptocurrencies seeing significant declines.</li>  
 <li>Japan’s Nikkei 225 dropped 6%, while Bitcoin plunged 10% and Ethereum 21% amid rising recession fears.</li>  
 <li>The Bank of Japan’s rate hike to 0.25% increased the cost of leveraged investments, worsening market instability.</li> 
</ul>  
<p>The global markets have plunged following poor US jobs data and rising geopolitical tensions. The US jobs report showed fewer job gains than projected, heightening concerns about a likely economic slowdown and causing a widespread sell-off in various financial markets.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/MarioNawfal/status/1820294077474316588
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-cryptocurrency-market-under-pressure"><strong>Cryptocurrency Market Under Pressure</strong></h2>  
<p>The crypto market has been extremely volatile. Bitcoin fell 10% from $58,350 to $52,500 in less than two hours. This is the first time Bitcoin <a href="https://cryptonewsland.com/why-is-the-crypto-market-crashing-analyzing-safe-options-dogecoin-doge-ripple-xrp-and-furrever-tokens-strategic-moves/" target="_blank" rel="noopener noreferrer nofollow">has dipped</a> below $53,000 since February. The collapse caused more than $740 million in leveraged positions to be liquidated across the cryptocurrency market. Many traders lost more than $256 million in Ether (ETH) longs, making them the worst hit.</p>  
<p>The recent increase in cryptocurrency prices drew a large number of new investors looking to make additional profits. However, as the market turned, these additional holdings were liquidated, accelerating the current decline.</p>  
<p>The recent drop in Bitcoin's price, with lower highs and lower lows, undermines the <a href="https://cryptonewsland.com/bitcoin-bull-run-approaches-fourth-green-candle-ahead/" target="_blank" rel="noopener noreferrer nofollow">bullish patterns</a> that came before it. With Bitcoin trading below the 200-day moving average, additional falls are possible, and altcoins are likely to see far greater changes.</p>  
<h2 class="wp-block-heading" id="h-asian-markets-and-yen-impact"><strong>Asian markets and yen impact</strong></h2>  
<p>Japan's <a href="https://indexes.nikkei.co.jp/en/nkave" target="_blank" rel="noopener noreferrer nofollow">Nikkei 225</a> index fell around 6%, showing investor concern about the economy. The Bank of Japan's move to raise interest rates from 0% to 0.25%, the first increase in years, has raised the cost of maintaining leveraged investments supported by cheap yen.</p>  
<h2 class="wp-block-heading" id="h-us-futures-and-recession-fears"><strong>US Futures and Recession Fears</strong></h2>  
<p>The jobs report had a negative impact on US stock futures. Dow futures declined 0.5%, S&amp;P 500 futures down 1.2%, and <a href="https://www.nasdaq.com/" target="_blank" rel="noopener noreferrer nofollow">NASDAQ</a> futures dropped 2.1%. Furthermore, recession fears are increasing, with the Sahm Rule Recession Indicator surpassing the 0.50 barrier, which has historically signaled the start of a recession in the US economy.</p>  
<p>The combination of a bad US jobs report, geopolitical tensions, and economic recession fears has resulted in large hits in both the stock and cryptocurrency markets. Investors are navigating an uncertain landscape filled with uncertainty and volatility.</p>  
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>  
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/is-the-crypto-market-doomed-amidst-looming-us-recession/" rel="noopener noreferrer nofollow">Is the Crypto Market Doomed Amid Looming US Recession?</a></li>  
 <li><a href="https://cryptonewsland.com/is-the-biggest-crypto-crash-of-all-time-brewing/" rel="noopener noreferrer nofollow">Is the Biggest Crypto Crash of All Time Brewing?</a></li>  
 <li><a href="https://cryptonewsland.com/bitcoin-is-up-amid-fed-rate-increase-and-recession/" rel="noopener noreferrer nofollow">Bitcoin is Up Amid FED Rate Increase and Recession</a></li>  
 <li><a href="https://cryptonewsland.com/uk-to-enter-recession-in-q4-amid-energy-crisis-goldman/" rel="noopener noreferrer nofollow">UK to enter recession in Q4 amid energy crisis: Goldman</a></li>  
 <li><a href="https://cryptonewsland.com/global-markets-collapse-amid-3-trillion-sell-off-driven-by-fears-of-us-downturn/" rel="noopener noreferrer nofollow">Global Markets Collapse Amid $3 Trillion Sell-Off Driven by Fears of US Downturn</a></li> 
</ul> 
<p>The post <a href="https://cryptonewsland.com/crypto-markets-reel-as-bitcoin-and/" rel="noopener noreferrer nofollow">Crypto Markets Reel as Bitcoin and Ethereum Plunge Amid Economic Uncertainty</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Crypto Markets Reel as Bitcoin and Ethereum Plunge Amid Economic Uncertainty

Table of Contents

Crypto News Land

Other articles published on Aug 5, 2024

This Is Why Bitcoin (BTC) Could Drop to $40K: CryptoQuant

Memecoins dive 20% amid Market Crash: Will they ever recover from here?

DeSci Project StarChain Achieves Major Milestone By Unifying 500 Terabytes of Astronomical Data

Solana's Sharp Decline vs. Ethereum's Smooth Slide: Analysis

SPK Issues New Crypto Regulations

Analysts Warn Bitcoin May Drop Below $45,000

Join our free newsletter for daily crypto updates!