Bitcoin (BTC) continued to slip on Monday, not only massive bearish price action for most of the remaining crypto, but also continued to hurt US stocks as they struggle to get out of the recent recession .
As the stocks closed, it fell to around $93,900, with Bitcoin down 1.9% over the past 24 hours. Ether (ETH) is 5.9% lower in the same time frame. The wider Coindesk 20 index is down 5.1%.
Following a massive decline last week, attempts to recover by major US stocks failed Monday afternoon, with Nasdaq closing another 1.2% and the S&P 500 0.5%.
The worst performance of all major ciphers is Solana (SOL), which has dropped by nearly 10% in the last 24 hours and a whopping 41% in the past month. In addition to its role in what appears to be a fad for decline, SOL faced unlocking tokens in March, with the recent implementation of SIMD-96, which adjusted the network’s fee structure, bringing the company to 30% of SOL inflation It is also facing an increase in the number. At $151 at press, Sol is more than giving up on post-election profits.
“We’re trying to communicate with people who feel complacent/denial that $95,000 is not a bad exit price, compared to where $95,000 is likely to be traded in six to 12 months.” Specializes in the use of macroeconomic data posted to the media.
Thompson estimated there is an 80% chance that Bitcoin won’t win a new high in the next three months, and that there may not be a new high even for the next 12 months.
Looking at the US economy, Neil Dutta, head of economic research at Renaissance Macro Research, said there is an increased risk to the labor market. Actual revenues are slowing, housing markets are getting worse, with state and local governments pulling back spending. Unfortunately, the market consensus does not show any slowdown in the economy, with the median forecast of GDP being around 2.5%.
“If 2023 is surprised by its advantages, then 2025 will increase the risk of being surprised by its disadvantages,” Dutta writes.
“Passive tightening of monetary policy is a dominant risk, which has important implications for financial market investors,” continues Dutta. For the economy, expect conditions to deteriorate in the job market. ”