Investing.com– Bitcoin price tumbled to a more than five-month low on Monday, tracking a broader decline in financial markets as growing fears of a U.S. economic slowdown battered risk appetite.
slid 18% in the past 24 hours to $50,061.0 by 09:04 ET (13:04 GMT). The token was at its weakest level since late February, largely wiping out a rally sparked by the launch of spot Bitcoin exchange-traded funds in March.
Bitcoin slides in tandem with steep equity losses
The world’s biggest cryptocurrency slid tracking steep losses in equity markets since Friday, as a swathe of weak economic readings from the U.S. pushed up concerns over a potential recession. Wall Street indexes tumbled on Friday, while Asian markets logged steep losses on Monday with Japanese stocks entering a bear market just three weeks after marking record highs.
Bitcoin- along with broader crypto markets- was hit particularly hard by the…
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