Bitcoin and ether plunged to multi-month lows as worries over a possible US recession in the wake of soft data gripped financial markets and triggered a rush out of risky assets.
The selloff marks a stunning reversal just days after optimism fueled by Republican presidential candidate Donald Trump's speech pushed bitcoin, the world's biggest cryptocurrency, over the $70,000 (AED 257,000) mark for the first time in more than a month.
Crypto markets have gotten a boost this year after the US Securities and Exchange Commission approved exchange-traded funds to track the spot prices of bitcoin and ether.
More recently, however, the currencies have tumbled alongside other assets including global equities, as investors fear a US recession could be on the horizon, with rising geopolitical worries also weighing.
Bitcoin has lost over a third of its value since hitting a record high in March. The increasing correlation with equities has also undermined its reputation as a safe-haven asset.
New York Times reporter sues Google, xAI, OpenAI over chatbot training
New Zealand concludes FTA with India with aim to double trade
Mubadala partners with Actis to invest over $350 million in Rezolv Energy
World Bank approves $700 million for Pakistan's economic stability
China's ByteDance signs deal to form joint venture to operate TikTok US app
