Cryptos have crashed as risk aversion sentiment swept global markets. Bitcoin (BTC) fell below $60,000 over the weekend, then plunged to $49,300 early Monday in Asia as investors fled risk assets. Bitcoin has fallen nearly 15% in the past 24 hours, climbing back to near $52,000. Ether (ETH) has tumbled 22% to $2,100, recording its biggest one-day drop since 2021. The altcoin-heavy market benchmark CoinDesk 20 Index (CD20) fell nearly 20%, with crypto majors Solana (SOL) and Near Protocol (NEAR) falling 20-25%. “It feels like we’ve been hit by a perfect storm,” QCP analysts said in a market update. The shift in sentiment was triggered by Friday’s U.S. economic and employment data, which stoked recession fears, coupled with rising tensions in the Middle East. The Japanese yen climbed against the U.S. dollar, leading to an unwinding of trades across all asset classes, with Asian stock indices suffering record routs on Monday: the Taiwanese index, for example, suffered its worst day in 57 years. QCP also singled out crypto trading giant Anticipated asset salesthus worsening the decline.
