# Bitcoin, ether sink to multi-month lows as recession worries take hold
Author: Pal sinha, Barnali
Author URL: https://startupobserver.com/author/pal-sinha-barnali/
Published: 2024-08-05
Category: Headlines
Category URL: https://startupobserver.com/category/headlines/
Meta Title: Bitcoin and Ether Plunge to Multi-Month Lows Amid U.S. Recession Fear
Meta Description: Bitcoin and ether hit multi-month lows as U.S. recession fears grip markets. Stay updated on the latest cryptocurrency trends and analysis here.
URL: https://startupobserver.com/bitcoin-ether-sink-to-multi-month-lows-as-recession-worries-take-hold/

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(Reuters) – [Bitcoin](https://startupobserver.com/cryptoverse-asian-traders-give-bitcoin-blast-off/) and ether tumbled on Monday to multi-month lows as [worries](https://startupobserver.com/logitech-q4-sales-plunge-22-as-economic-downturn-worries-weigh/) over a possible U.S. recession in the wake of soft data gripped financial markets and triggered a rush to safe-haven [assets](https://startupobserver.com/pkn-orlen-says-talks-on-sale-of-lotos-assets-not-finalised-yet/).

Crypto markets have gotten a boost this year after the U.S. Securities and Exchange Commission approved an exchange-traded fund to track the spot price of [bitcoin](https://startupobserver.com/cryptoverse-asian-traders-give-bitcoin-blast-off/) and ether.

More recently, however, bitcoin has fallen alongside other assets including global equities in a broad selloff as investors fear that a U.S. recession could be on the horizon, with rising geopolitical worries also weighing. The cryptocurrency is off nearly 20% from its March 2024 high.

“It’s a big reminder that Bitcoin and crypto in general are risk [assets](https://startupobserver.com/glencore-aims-to-cut-industrial-assets-carbon-emissions-by-one-fourth-by-2030/) and sit at the pointy end of the risk spectrum,” said Tony Sycamore, market analyst at IG.

Bitcoin sank to $53,091, its lowest since late February and last fetched $54,112, while [ether](https://startupobserver.com/ethereum-software-upgrade-activated-ether-reverses-losses-trades-up/) slid to its weakest since mid-January and was last down 16% at $2,300.

Sycamore said bitcoin is testing trend channel support at $54,000/$53,000 area and needs to hold that level to “prevent further capitulation towards $48,000.”

(Reporting by Ankur Banerjee in Singapore, Surbhi Misra in Bengaluru and Ira Iosebashvili in New York; Editing by Will Dunham and Shri Navaratnam)


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