Global Economic Downturn Hits Cryptocurrency Market Hard

The global economic downturn had a significant impact on the cryptocurrency market on Friday, leading to a decline in the value of various cryptocurrencies.

Bitcoin's price fell below $66,000, marking a 3% decrease in just a few hours. This downward trend was not limited to Bitcoin alone, as major altcoins such as Ethereum and Solana also experienced significant losses.

The crypto market's decline mirrored the overall global economic downturn, with investors shifting towards safe-haven assets in response to rising inflation concerns and geopolitical tensions.

As a result of these factors, credit markets became increasingly stressed, leading to widening spreads and further exacerbating the cautious mood among investors.