Bitcoin and other major cryptocurrencies tumbled on Tuesday as concerns over the US economy and trade tensions grew.

Bitcoin dropped 3.2% to $79,937 after hitting a low of $76,624. Ethereum fell sharply by 7.5% to $1,911. The global crypto market cap declined 4.3% to $2.6 trillion, The Economist reports.

Solana, XRP, Cardano and Dogecoin also suffered losses, with Dogecoin plunging 8.5%.

Investor confidence weakened after former US President Donald Trump, in a Fox News interview, mentioned a “period of transition” but did not clarify if his tariff policies might lead to a recession.

His remarks caused declines across cryptocurrencies, stocks, and the US dollar while Treasury yields also dropped.

“The crypto market is seeing its major downturn with Bitcoin falling under $80,000 and Ethereum recording a 16-month low of around $1,800,” said Avinash Shekhar, Co-Founder & CEO of Pi42.

“Fears of a coming recession and the overall market sell-offs are spurring this pullback.”





https://punchng.com/bitcoin-slips-below-77000-as-recession-fears-shake-crypto-market/