Bitcoin (BTC) Price Crashes to $50K as ‘Perfect Storm’ Hits Crypto Market

Cryptos
crashed

as
risk-off
sentiment
permeated
global
markets.
Bitcoin
(BTC)
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.
Ether
(ETH)
fell
22%
to
$2,100,
recording
its
biggest
one-day
fall
since
2021.
The
altcoin-heavy
broad-market
benchmark

CoinDesk
20
Index
(CD20)
slid
nearly
20%,
with
crypto
majors
solana
(SOL)
and
Near
Protocol
(NEAR)
plummeting
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.
The
Japanese
yen
spiked
against
the
U.S.
dollar,
leading
to
an
unwind
of
trades
across
asset
classes,
with
Asian
equity
indexes
suffering
record
routs
on
Monday:
The
Taiwanese
index,
for
example,
had
its
worst
day
in
57
years.
QCP
also
pointed
to
crypto
trading
giant

Jump
selling
off
assets,
exacerbating
the
decline.