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Crypto plunges amid recession fears and market sell-off

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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.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Keir Starmer urges bold AI regulation in the UK

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Labour leader Keir Starmer is advocating for strong measures to regulate artificial intelligence in the UK. He argues that such steps are vital to protect jobs and ensure public safety as technology evolves at a rapid pace.

Starmer has outlined a proposed governance framework to oversee the development and use of AI. He highlights the importance of collaboration between the government and tech companies to establish responsible guidelines.

This approach reflects a major shift in the UK’s strategy, balancing the transformative potential of AI with the need to safeguard workers and society.

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LA wildfires burn as death toll rises

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Firefighters in California are waging an intense battle against historic wildfires.

Fire officials are employing a specialized fleet of aircraft to combat the flames from above.

The state’s aerial fleet, managed by Cal Fire, is the largest department-owned firefighting aviation unit in the world, operating from 14 airfields and 11 helicopter bases across the state.

However, a troubling revelation has emerged: a critical reservoir in Pacific Palisades, part of Los Angeles’ water supply system, was out of commission during the height of the fires, raising serious concerns about water availability for firefighting efforts.

As the fires continue to claim lives and devastate communities, we explore the coordination, challenges, and critical gaps in resources impacting the emergency response.

Oz Sultan, the Chief Strategist with the Sultan Interactive Group joins Veronica Dudo to discuss.

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Biden’s final speech: climate threats and Gaza ceasefire

Biden warns Trump team on climate denial, pushes for Gaza ceasefire with hostages’ release and humanitarian assistance.

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Biden warns Trump team on climate denial, pushes for Gaza ceasefire with hostages’ release and humanitarian assistance.

Joe Biden has delivered his last policy speech, addressing critical issues facing the future.

In his remarks, he directly challenged officials in the incoming Trump administration who doubt the reality of climate change.

Biden stated, “They are dead wrong. It’s the single greatest existential threat to humanity.”

He said that the transition to clean energy is already underway and highlighted the competition with China for dominance in clean energy manufacturing and supply chains.

Biden asserted that the United States must succeed in this contest to shape the global economy for decades.

Biden announced he is actively pursuing a ceasefire deal in Gaza during his final days in office.

He stated that the proposed deal aims to release hostages held by Hamas and halt the ongoing fighting.

Biden indicated that this agreement would also enhance security for Israel while significantly increasing humanitarian assistance to the region.

He expressed understanding for the suffering of the Palestinian people, stating they have experienced immense hardship due to the conflict initiated by Hamas.

He stressed the urgency of closing the deal to reunite families with their loved ones taken as hostages.

Biden’s focus on these pressing matters reflects his commitment to addressing significant global challenges even as his presidency comes to a close.

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