The trading value of the two cryptocurrencies, Bitcoin and Ethereum, fell to its lowest level in months on August 5th, amid investor concerns that the US economy could fall into recession due to unfavorable signs in the job market.
The cryptocurrency market received a boost after the U.S. Securities and Exchange Commission (SEC) approved exchange-traded funds (ETFs) that track the spot price of bitcoin and ethereum. However, bitcoin and other assets such as stocks are currently experiencing a global sell-off due to investor concerns about the risk of a U.S. economic recession, as well as increasing pressure from geopolitical risks. Cryptocurrencies have lost nearly 20% of their value from their peak in March 2024.
According to market analyst Tony Sycamore at IG, bitcoin and cryptocurrencies in general remain risky assets, although not to a high degree.
Bitcoin briefly dropped to $53,091 per bitcoin, its lowest level since late February, before recovering to $54,112 per bitcoin. Meanwhile, Ethereum lost 16% of its value, falling to $2,300 per ether, after briefly sliding to its lowest level since mid-January. According to expert Sycamore, if Bitcoin falls below $53,000-$54,000, it could drop to $48,000.
MINH CHAU
Source: https://www.sggp.org.vn/tien-dien-tu-roi-tu-do-post752669.html
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