Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
Cryptocurrencies continued trending to the downside as recession fears weighed on risk assets ahead of Friday's key jobs data report.declined more than 4% at one point Thursday before bouncing to $56,500 at press time, off 2.2% over the past 24 hours. Ethereum's etherdeclined over 4% during the same period, trading below $2,400.
Cryptocurrencies usually underperformed the broader market in a window of seven days before and after large token unlocks over past years, a recentLooking at traditional markets, key U.S. equities declined during the morning session in a broader risk-off sentiment. The Dow Jones Industrial Average was down 0.9%, while the broad-based S&P 500 lost 0.5% by 12:00 Eastern time. The tech-heavy Nasdaq 100 erased its opening gains and stood mostly flat.
Crypto-focused stocks also performed poorly. Crypto exchange giant Coinbase declined 1%, briefly slipping below $160 for the first time since February, taking out the lows hit during the early August crash due to the Japanese yen carry trade unwind. Large-cap bitcoin miners Marathon and Riot Platforms were down 4% and 2%, respectively.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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