Bitcoin tumbles amid wider market selloff
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More news: Bitcoin tumbled more than 10% this morning before paring some losses, as it recorded its biggest weekly fall since the collapse of the FTX exchange in 2022.
The token lost 13.1% in the seven days through to Sunday, according to Bloomberg, and was last trading 8.73% lower at US$53,972 ($83,032).
Ether, the second biggest cryptocurrency by market cap, was hit even harder. It has fallen over 20% to US$2,240 in the last 24 hours, according to CoinGecko data.
The latest declines came amid a global stock selloff after heavy losses on Wall Street on Friday, as fears of a recession in the US rise.
Bitcoin dives on Genesis token outlay, weak US jobs data
The news: Bitcoin plunged on Sunday, extending a selloff in the world's largest cryptocurrency after weak US employment data raised concerns of a recession.
The numbers: Bitcoin lowered 5.1% to USD59,357 ($91,222) overnight, continuing a recent decline on the cryptocurrency, Reuters reported.
The context: Crypto markets were boosted earlier this year after the US Securities and Exchange Commission approved an exchange-traded fund to track the spot price of Bitcoin and Ether.
However, Bitcoin has lowered in recent weeks amid a broader market selloff, and it is now down nearly 20% compared to its March high.
Bitcoin's most recent decline came after bankrupt cryptocurrency firm Genesis started distributing around USD4 billion of digital assets to creditors having finalised its restructuring process, according to Bloomberg.
July's US employment report, which showed that the country's unemployment rate jumped to near a three-year high, also contributed to the fall, raising concerns that the US economy is at risk of recession.
