A visual representation of the cryptocurrency Bitcoin on November 20, 2018 in London, UK.
Jordan Mansfield | Getty Images
Bitcoin plunges Thursday as stocks plunge
Data released on Thursday was disappointing The day after the Federal Reserve voted to keep interest rates unchanged, investors’ concerns that the U.S. economy may face the risk of recession: Manufacturing activity in July fell 1.7 percentage points from June, and the number of first-time jobless insurance applications increased and was higher than estimated , the scale of layoffs announced last month was the largest for July in more than two decades.
Bitcoin is Trading will be volatile in AugustIt’s been a seasonally weak month for cryptocurrencies, and risk assets more broadly. Thursday’s decline erased most of July’s 5.04% gain.
The flagship cryptocurrency has been trading between $55,000 and $70,000 since March, when it hit an all-time high of over $73,000. It has struggled to stay above that cap ever since.
Bitcoin is still up more than 48% this year. Many investors expect the stock to reach record highs in the second half of the year.
