News

Crypto plunges amid recession fears and market sell-off

Published

11 months ago

August 5, 2024

Ahron Young

Bitcoin and Ether plummeted to multi-month lows as concerns over a potential U.S. recession and weak economic data rattled financial markets, leading investors to seek safe-haven assets.

Earlier this year, the crypto markets received a boost when the U.S. Securities and Exchange Commission approved an exchange-traded fund tracking the spot prices of Bitcoin and Ether.

However, recent market dynamics have shifted dramatically.

Looming recession

Bitcoin, along with global equities, has suffered in a broad selloff driven by fears of a looming U.S. recession and rising geopolitical tensions.

Since hitting a record high in March, Bitcoin has lost over a third of its value.

Tony Sycamore, a market analyst at IG, commented, “It’s a big reminder that Bitcoin and crypto in general are risk assets and sit at the pointy end of the risk spectrum.”

On Monday, Bitcoin fell 13% from its Sunday close to $51,560, marking its largest one-day decline since November 2022 and its lowest level since February.

Research Analyst Matteo Greco says “The negative market trend is likely influenced by several macroeconomic factors.”

“The Bank of Japan (BOJ) recently raised interest rates for the first time in 17 years due to concerns over the Yen’s declining purchasing power against the US Dollar.”

“The BOJ also signaled that further rate hikes could be on the horizon, if necessary, which was viewed negatively by risk-on asset markets, triggering widespread selloff.”

Ether sell-off

Ether dropped 17% to $2,277, its lowest point since mid-January.

Sycamore noted that Bitcoin was testing trend channel support in the $54,000 to $53,000 range and needed to hold at that level to “prevent further capitulation towards $48,000.”

Shares of U.S. crypto-related stocks listed in Frankfurt also took a hit in early trading on Monday.

Coinbase fell over 18%, while shares in mining companies Riot Platforms and Marathon Digital dropped by 17.7% and 20%, respectively.

News

AUKUS praised as a win-win for international security

AUKUS envoy affirms Australia’s key role in security cooperation, highlighting nuclear submarine capabilities amid US defense partnership.

Published

21 hours ago

July 10, 2025

ticker NEWS

AUKUS envoy affirms Australia’s key role in security cooperation, highlighting nuclear submarine capabilities amid US defense partnership.

The UK’s top AUKUS envoy is in Australia, calling the trilateral pact a win-win for international security and defence cooperation.

The visit shines a light on Australia’s strategic role in the alliance, particularly its commitment to building nuclear submarine capabilities.

This moment marks a key test of the Australia–US defence partnership, as both nations prepare for long-term strategic coordination.

#AUKUS #DefenceNews #AustraliaUSAlliance #NuclearSubmarines #TickerNews

News

Trump pivots West Africa talks to trade

Trump hosts West African leaders at the White House to discuss security, migration, and trade, seeking acceptance of deported migrants.

Published

22 hours ago

July 10, 2025

ticker NEWS

Trump hosts West African leaders at the White House to discuss security, migration, and trade, seeking acceptance of deported migrants.

President Donald Trump has hosted leaders from five West African nations at the White House, with discussions centred on security, migration, and trade.

The US is asking these nations to accept deported migrants, particularly where their home countries have refused re-entry.

#Trump #WestAfrica #MigrationPolicy #USAfricaRelations #TickerNews

News

Air India crash investigation focuses on fuel switches

Preliminary Air India crash report to focus on fuel switches after deadly June incident; 241 fatalities reported.

Published

1 day ago

July 9, 2025

Ahron Young

Preliminary Air India crash report to focus on fuel switches after deadly June incident; 241 fatalities reported.

In Short:
A report on the June Air India jetliner crash, which killed 241 on board and 29 on the ground, is imminent, focusing on fuel control switches and multiple contributing factors. The investigation is led by India’s authority, facing scrutiny over information access, while the government plans to enhance civil aviation safety and improve Air India’s reputation.

A preliminary report on the Air India jetliner crash in June is expected soon. The crash resulted in 241 deaths out of the 242 on board, in addition to at least 29 fatalities on the ground.

Investigators are focusing on the plane’s fuel control switches following an analysis of flight data recorders. The Boeing 787 Dreamliner lost altitude shortly after take-off from Ahmedabad, India. Family members continue to mourn victims, highlighting the tragedy’s impact.

Investigations have found no immediate concerns regarding mechanical failure, and airlines have not been advised to change 787 operations. The focus on fuel switches relates to their role in engine power.

Specific actions

However, details about specific actions being investigated remain unclear.

Experts indicate fuel switches cannot be moved accidently, and any shutdown would instantly affect engine power. Reports suggest that multiple factors likely contributed to the crash. The Indian investigation authority, under international rules, leads the probe but has faced scrutiny over information accessibility, taking weeks to retrieve flight data.

The Indian government has only held one press conference regarding the incident. Recently, U.N.’s International Civil Aviation Organization was granted observer status in the investigation. The event poses challenges for the Tata Group in revamping Air India’s reputation.