Bitcoin (BTC) Price Prediction: BTC Tumbles 13% to $50k as Recession Fears Grip Markets

Crypto stocks including Coinbase Global, Inc COIN, Marathon Digital Holdings, Inc MARA, Riot Platforms, Inc RIOT, CleanSpark, Inc CLSK, MicroStrategy

Crypto stocks plunged on Monday as the price of Bitcoin (BTC) sank more than 13% amid a global market sell-off.

Coinbase Global, Inc (NASDAQ:COIN) shares fell by 14%, trading at $175.37 at the last check on Monday.

Marathon Digital Holdings, Inc (NASDAQ:MARA) stock price plunged by 23%, while Riot Platforms, Inc (NASDAQ:RIOT) dropped by 20%.

CleanSpark, Inc (NASDAQ:CLSK) shares fell by 17%, and MicroStrategy Inc (NASDAQ:MSTR) lost 12%.

Crypto stocks plunged on Monday as the price of Bitcoin (BTC) sank more than 13% amid a global market sell-off.

Coinbase Global, Inc (NASDAQ:COIN) shares fell by 14%, trading at $175.37 at the last check on Monday.

The sell-off comes as the price of Bitcoin fell more than 13% on Monday to $50,963.57, according to CNBC. At one point, it dropped to $49,111.10, marking its lowest level and the first time below $50,000 since February.

The price of Bitcoin has now lost nearly 18% since Saturday. A week ago, on July 20, it climbed as high as $69,982.

The losses in Ethereum (ETH) were even steeper on Monday, with the crypto asset dropping by 17% to $2,271.21. The three-day loss now stands at 24%, wiping out its 2024 gain.

The broader market sell-off began last week after a weaker-than-anticipated July jobs report that heightened investor fears of a recession. The tech-heavy Nasdaq Composite entered a correction last week.

Also impacting crypto prices are sell pressure from Mt. Gox distributions and decreasing odds of a second Donald Trump presidency in the U.S.

Bitcoin fell by 11% in the past 24 hours, while ether plunged by 21%, causing the total value of cryptocurrencies to drop by approximately $270 billion, CNBC reports.

Investors can gain exposure to crypto stocks through exchange-traded funds, including the iShares Bitcoin Trust (NYSE:IBIT) and the ProShares Bitcoin Strategy ETF (NYSE:BITO).

The above is the detailed content of Bitcoin (BTC) Price Prediction: BTC Tumbles 13% to $50k as Recession Fears Grip Markets. For more information, please follow other related articles on the PHP Chinese website!