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<a href="https://bitcoinworld.co.in/bitcoin-and-ethereum-prices-plunged-on-recession-fears-as-liquidations-spike/" rel="noopener noreferrer nofollow"></a>
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 <li style="font-weight: 400">Bitcoin <a href="https://coinstats.app/coins/bitcoin/" rel="noopener noreferrer nofollow">price</a> plunged sharply below $62,000 and Ethereum <a href="https://coinstats.app/coins/ethereum/" rel="noopener noreferrer nofollow">dipped</a> under $3,000 as the impact of recession and a poor US jobs report continues to reverberate.</li>
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The crypto market is bleeding red as of late Friday afternoon, with major assets like Bitcoin and Ethereum plunging by 5% or more following a rough U.S. jobs report that also spooked the stock market—and prompted fears of an impending recession.
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 BTC Price Chart | Source: CoinStats
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The price of Bitcoin fell well under $62,000 on Friday, dipping as low as $61,308 per data from CoinGecko. It’s back up to just above $62,000 as of this writing, but is still down about 5% on the day from a 24-hour peak of $65,505.
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 ETH Price Chart | Source: CoinStats
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Meanwhile, Ethereum fell sharply, dipping down to $2,967 after being above the $3,200 mark less than a day ago.&nbsp;
At a current price of just under $3,000, it’s still down nearly 6% on the day. Other major assets have seen similar or even larger dips, such as Solana, which is down more than 7% at a price of $154.
Volatility across the crypto markets on Friday led to another spike in liquidations of long and short positions, or bets that the future price of a crypto asset will rise or fall, respectively.&nbsp;
As of this writing, CoinGlass reports $269 million worth of positions liquidated over the past 24 hours across the market, led by $82 million worth of Bitcoin positions.
It’s the second straight day of sizable crypto liquidations as the price of top assets continue to fall.
A weaker-than-expected U.S. jobs report released early Friday appeared to spook markets across the board, with the stock market showing red across the board and crypto prices eventually following suit.&nbsp;
The report, which noted a jump in the unemployment rate as nonfarm jobs fell well short of expectations, prompted fears that a U.S. recession is taking hold.
However, while the panic has shown apparent short-term effects on crypto prices, some analysts believe that Bitcoin may ultimately benefit amid a weaker U.S. dollar and potential Federal Reserve interest rate cuts that are expected.
“With the Fed weakening monetary policy, it will be supportive for fixed-supply assets such as Bitcoin and gold,” CoinShares Head of Research James Butterfill said.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Bitcoin and Ethereum Prices Plunged on Recession Fears as Liquidations Spike

ItsBitcoinWorld

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