Bitcoin dropped below $50,000 for the first time since February amid a global market sell-off. The sell-off was spurred by renewed fears of recession after a weaker-than-expected July US jobs report. Other major cryptocurrencies also plunged, with Ether erasing its gains for 2024 and falling 17% in one day. Crypto stocks like Coinbase and MicroStrategy were hit hard in premarket trading. The declines follow a broader sell-off in tech and Nasdaq stocks as investors fear the Fed will not achieve a soft economic landing.
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00:00It's Benzinga, and here's what's on the block.
00:02Bitcoin dropped below $50,000 for the first time since February amid a global market sell-off.
00:08The sell-off was spurred by renewed fears of a recession after a weaker-than-expected July
00:12U.S. jobs report. Other major cryptocurrencies also plunged, with Ether erasing its gains for
00:172024 and falling 17% in one day. Crypto stocks like Coinbase and MicroStrategy were hit hard
00:24in pre-market trading. The declines follow a broader sell-off in tech and Nasdaq stocks,
00:28as investors fear the Fed will not achieve a soft economic landing.
00:32For all things money, visit Benzinga.com