Bitcoin Dips Below $50,000 for First Time in Six Months as Recession Fears and Middle East Tensions Trigger Sell-Off

  • 2 months ago
Bitcoin briefly fell under $50,000 for the first time in six months on Monday but recovered some losses. Ether also rose over 2% to more than $2,400, Stocks tied to bitcoin, including Coinbase, MicroStrategy, Marathon Digital, and Riot Platforms, gained about 2% each in premarket trading. The sell-off was driven by carry traders unwinding positions, recession fears, Middle East tensions, and U.S. election uncertainty. Bitcoin and ether are down for August but up for the year.
Transcript
00:00It's Benzinga and here's what's on the block.
00:02Bitcoin briefly fell under $50,000 for the first time in 6 months on Monday but recovered some
00:07losses. Ether also rose over 2% to more than $2,400. Stocks tied to Bitcoin, including Coinbase,
00:15MicroStrategy, Marathon Digital, and Riot Platforms gained about 2% each in pre-market trading.
00:21The sell-off was driven by carry traders' unwinding positions,
00:24recession fears, Middle East tensions, and US election uncertainty.
00:28Bitcoin and Ether are down for August but up for all things money! Visit Benzinga.com

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