Why Crypto Could Face “First Real Recession”, Analyst Suggests

Name	Symbol	Market	Market Cap ($)	Algorithm
Cardano	ADAUSD	Crypto	16,008,725,809	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Cardano

ADAUSD

Crypto

16,008,725,809

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0063	-1.36%	0.4568	0.4566	0.4567

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.0063

-1.36%

0.4568

0.4566

0.4567

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.4634	0.4522	0.4627	0.4631	0.216009 - 0.810200

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.4634

0.4522

0.4627

0.4631

0.216009 - 0.810200

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	06:09:03	0.021664	0.4568	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

06:09:03

0.021664

0.4568

USD

Price x Volume	Volume	Base Symbol	Related Pairs
2,032,652.93	4,450,827.12	ADA	ADAEUR	ADAGBP	ADABTC

Price x Volume

Volume

Base Symbol

Related Pairs

2,032,652.93

4,450,827.12

Why Crypto Could Face “First Real Recession”, Analyst Suggests

06/02/2023 5:00pm

NEWSBTC

The crypto market capitalization has been moving in the red over the past few days following an impressive rally. Large digital assets were seeing week after week of profits, but the macroeconomic landscape remains uncertain, capping any upside potential in the short term. Related Reading: Cardano Whales, Sharks Have Accumulated 406M ADA In 2023: Santiment As of this writing, the crypto total market cap stayed above the significant region of $1 trillion recaptured in early 2023. Across the board, digital assets experienced a positive rebound returning to levels last seen in November 2022 when major companies in the sector filed for bankruptcy amid a persistent downside trend. Looming Recession, Bad News For Crypto? According to a report from Bloomberg Intelligence’s Senior Macro Strategist, Mike McGlone, the U.S. stock market could see further losses over the coming months. Bitcoin and the crypto market have displayed a high correlation with U.S. equities. In that sense, crypto could follow and re-test its critical support levels if the latter assets trend to the downside. McGlone believes that the “first real recession” for digital assets could usher in an era of “lower asset prices and higher volatility.” As seen in the chart below, the Nasdaq 100, the U.S. stock index tracking tech equity, is far from reaching its 2008 bottom. At this time, the collapse of the U.S. real state market crashed the world economy, forcing the Nasdaq below its 200-day moving average. In today’s scenario, as seen in the chart below, the Nasdaq 100 and the crypto market are near a level that has operated as a bottom leading to price appreciation. However, if these levels failed due to macro events, equities, and crypto could crash much lower into their 2008 levels. McGlone wrote: In 2002 (during the dot com bubble crash) the (Nasdaq) index bottomed at almost 70% below this mean, and about a 40% discount in 2009. We don’t expect the crypto market to be spared if the risk-asset tide continues to recede. Related Reading: On-chain Activity On BNB Chain Grew In Q4 Amid Market Downtrend: Messari However, if the macroeconomic landscape improves, McGlone expects the nascent industry to “resume beating most equity indexes.” If the crypto market can rebound from these levels or hold support below to resume the rally, investors might see a change in the current regime that will benefit risk-on assets.

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

ADAUSD Cardano