Crypto Market Takes a Downturn as Investors Shed Risky Assets Amid US Economic Concerns

IconCryptoNewsTerminal Staff01 Aug, 2024

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Crypto Market Takes a Downturn as Investors Shed Risky Assets Amid US Economic Concerns

As concerns over the health of the U.S. economy grow, investors are reportedly pulling away from risky assets, including cryptocurrencies. According to CNBC, the cryptocurrency market experienced a downturn on August 1 (local time) as investors began to shed risky assets in light of recently released economic data. August is traditionally a month of stagnation for cryptocurrencies and risky assets, and Bitcoin has been trading within a range of $55,000-$70,000 ever since it surpassed its all-time high of $73,000 in March. Despite the recent downturn, many investors remain optimistic about Bitcoin's future and anticipate that it will reach a new all-time high in the latter half of the year.

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