Bitcoin Prices Slump Again Below $20K; Recessionary Concerns Weigh

Cryptoassets are again seeing drawdown and among the top 20 assets as compiled by Coindesk are all down by up to 8%. Cosmos, Gala, Shiba Inu and Ethereum are all down by 7%. Last the top crypto by m-cap is down again below $20K.

The top crypto prices are reacting to recessionary concerns and moving lower amid weakened equities and at a time when euro and dollar are reaching a partiy.

The bitcoin through the day has fallen below $19,700.

Further as per the technicals, bitcoin is seen to even move lower to $18,700. And if the levels recover from here then bitcoin could climb to as high as $21, 300 zone in coming weeks.

The fall as per Coindesk report comes in the backdrop of a red flag being issued by Temasek that said the financial markets face more downturns and even warned of the likelihood of a "recession in developed markets.

There is systemic risk also prominent in the crypto world from the collapse of Luna crypto to the latest Vauld fiasco.

In India apart from this new tax measures are also adding further woes for the segment. To the uninformed, centre announced 1% TDS on all crypto transfers more than Rs. 10,000. So, with the tax in place for crypto there will be added more compliance burden.