Poor macroeconomic sentiment and increasing fears of recession in the West laid the backdrop for cryptocurrencies to lose some 4% of their market capitalization in the past 24 hours, with several major tokens taking hits of upto 8%.that the Fed’s aggressive measures to control inflation could likely result in recession. The bank put the odds of an economic contraction – a phase of the business cycle in which the economy as a whole is in decline – at about 35% over the next two years.
DOGE prices fell after a sudden rally last week buoyed by positive sentiment as speculators bet on Elon Musk’s intended takeover of social media giant Twitter. Prices crossed $0.15 at the time but fell to support at the $0.13 mark over the weekend.Global markets affecting bitcoin recovery“Bitcoin declined for the second week in a row under negative stock market performance.
“A consolidation scenario below $30K would require an absolute disaster in the financial markets,” Kuptsikevich said. “We have seen steady and impressive demand from long-term buyers as we have fallen into this area.” Gold reached five-week highs to just under $2,000. Natural gas prices surged to the highest intraday level in more than 13 years.
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