The price of bitcoin continued to fall dramatically Monday morning, hitting a ceiling below $50,000, registering a staggering 20% drop in the past 24 hours following the collapse of global markets.
At the time of this writing, the entire cryptocurrency market has lost nearly 16% in the past 24 hours, with Bitcoin and Ethereum losing 20% and 25% respectively in the past 24 hours, according to Coingecko. The cryptocurrency market reacted to the slump in global stock and futures markets Monday morning. Japanese stock markets hit historic lows on Monday. The Nikkei 225 fell 12.40%, its lowest level since 1987. Last week, the Bank of Japan raised key interest rates for the first time in 17 years,
According to Coinglass data, the total number of liquidations in the past 24 hours reached $1.03 billion, of which $894.03 million were long positions. Major atlcoins, including BNB, XRP, Solana fell 22.3%, 20% and 20%, respectively, over the past 24 hours.
Asian markets slump on recession fears
Tokyo led a sharp decline in Asian stock markets on Monday, led by disappointing U.S. employment data that intensified fears of a recession in the world’s largest economy and raised expectations of multiple interest rate cuts by the Federal Reserve.
This sell-off mirrored significant losses on Wall Street, where large technology companies such as Amazon and Microsoft were hit hard by concerns that this year’s AI-fueled rally may have been excessive.
An eagerly awaited report released Friday revealed that the U.S. economy created just 114,000 jobs in the previous month, down sharply from June and well below forecasts, while the unemployment rate rose to its highest level since October 2021.
