First Mover Americas: Bitcoin Crashes to $50K as 'Perfect Storm' Hits Crypto Market

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Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

tumbled below $60,000 during the weekend, then nosedived to $49,300 during Monday's Asian morning as investors fled risk assets. Bitcoin is down nearly 15% in the past 24 hours, recovering to near $52,000. Etherplummeting 20%-25%."Feels like we have been hit by a perfect storm," QCP analysts said in a market update. What started the sentiment shift was Friday's U.S. economic and jobs data igniting recession fears, coupled with rising tensions in the Middle East.

Crypto exchange Coinbase dropped more than 9% in U.S. pre-market trading, while MicroStrategy , which has a policy of buying bitcoin and holds more than 1% of the total supply that will ever be issued, lost 13%. CoinShares, a crypto asset manager, fell 7.5% in Sweden. U.S.-listed miners Marathon Digital and Iren both lost almost 14%, Hut 8 fell 12% and Riot Platforms lost 11%.shows. Ether futures recorded over $340 million in liquidated bets and bitcoin futures losses led at $420 million.

 

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