Sharp decline in cryptocurrencies

Recession concerns regarding the US economy led to a major sell-off in cryptocurrencies. Bitcoin started the week with a 10 percent drop, while Ethereum fell by 20 percent. Thus, Bitcoin saw its lowest point in nearly 6 months, while $260 billion was deleted from cryptocurrencies in the last 24 hours. Cryptocurrencies were affected by the risk aversion crisis in global markets on Monday. This situation dropped Bitcoin by more than 10 percent, and second-place Ether experienced its biggest decline since 2021. The sell-off in cryptocurrencies was much harsher. Bitcoin fell by 10.6 percent daily to $54,280 as of 7:30 UTC. Ethereum, on the other hand, lost 20 percent of its value and fell to $2,330. Looking at the top 10 cryptocurrencies in terms of market value, Binance Coin fell by 15.6 percent daily, Solana by 11.2 percent, Ripple by 14.3 percent, Toncin by 10.6 percent, Dogecoin by 15.2 percent, and Cardano (ADA) by 14.5 percent. The declines came as global stock sales intensified, reflecting concerns about the economic outlook. Geopolitical tensions are rising in the Middle East, increasing investors’ anxiety.