The cryptocurrency market is in turmoil today, with Bitcoin dropping below $26,000 for the first time since June. Other major cryptocurrencies are also down sharply, with Ethereum falling below $1,700 and Dogecoin falling below $0.06.
The sell-off in cryptocurrencies is being driven by fears of a recession. The US economy is showing signs of slowing down, and there are concerns that the Federal Reserve may raise interest rates too quickly, which could tip the economy into a recession.
The crypto market is also being affected by regulatory uncertainty. Several countries are considering new regulations for cryptocurrencies, and this is making investors nervous.
The current sell-off in cryptocurrencies is a reminder that this is a volatile asset class. Investors should be prepared for sharp price swings.