Memecoins Shiba Inu and Doge were the biggest losers among the major tokens amid a broader fall in crypto markets lead by poor macroeconomic sentiment. By shauryamalwa
Poor macroeconomic sentiment and increasing fears of recession in the West laid the backdrop for cryptocurrencies to lose some 4% of their market capitalization in the past 24 hours, with several major tokens taking hits of upto 8%.that the Fed’s aggressive measures to control inflation could likely result in recession. The bank put the odds of an economic contraction – a phase of the business cycle in which the economy as a whole is in decline – at about 35% over the next two years.
DOGE prices fell after a sudden rally last week buoyed by positive sentiment as speculators bet on Elon Musk’s intended takeover of social media giant Twitter. Prices crossed $0.15 at the time but fell to support at the $0.13 mark over the weekend.Global markets affecting bitcoin recovery“Bitcoin declined for the second week in a row under negative stock market performance.
“A consolidation scenario below $30K would require an absolute disaster in the financial markets,” Kuptsikevich said. “We have seen steady and impressive demand from long-term buyers as we have fallen into this area.” Gold reached five-week highs to just under $2,000. Natural gas prices surged to the highest intraday level in more than 13 years.
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