Bitcoin Plunges 3% Amid U.S. Economic Jitters: Cryptocurrency Sees Brief $56,000 Crash
Bitcoin’s Unstable Trend Amid US Economic Recession Concerns
Bitcoin, the leader in virtual currency (cryptocurrency), is showing an unstable trend amid concerns about an economic recession in the United States.
As of 6:30 am on the 6th, Bitcoin was recorded at $56,200, down 3.08% from 24 hours ago, according to CoinMarketCap, a global coin market relay site.
About an hour ago, it fell to $55,797, and at one point fell below $56,000.
This appears to be due to concerns about a U.S. recession following a slowdown in employment indicators.
According to the U.S. employment information company Automatic Data Processing (ADP) on this day, private sector employment in the U.S. increased by 99,000 in August compared to the previous month. This figure is significantly lower than the expert forecast (140,000) compiled by Dow Jones, and is the lowest figure since January 2021.
“The data shows that the labor market is cooling without a doubt,” ADP chief economist Nela Richardson said in an interview with Yahoo Finance, a U.S. economic portal. The job market, which had been hot since the pandemic, is slowing down significantly.
This is interpreted as having affected the virtual asset market by fueling concerns about an economic slowdown.
As Bitcoin fell, most coins fell, including Ethereum, the second largest market cap, which fell 3.15%, and Solana, the fifth largest market cap, which fell 3.55%.