Sharp decline in crypto assets

Crypto assets started the week with a sharp decline after recession fears in the US gained momentum.

Investors' move away from risky assets due to concerns that the US could enter a recession has led to a sell-off in cryptocurrencies, which are seen as the riskiest investment vehicle.

The historic decline in Asian markets today has also increased the flight from risky assets. As of this morning, there have been sharp declines in both stock markets and crypto markets.

LATEST SITUATION IN CRYPTO MARKETS

As of 9:20 a.m., Bitcoin lost 17 percent of its value, falling to $54,500. Ethereum, on the other hand, lost 23.5 percent of its value, falling to $2,226.

Binance Coin lost 20 percent of its daily value to $419, Solana lost 19 percent to $116.5, Ripple lost 19 percent to $0.55, Dogecoin lost 20 percent to $0.08, and Cardano (ADA) lost 20 percent to $0.28.