According to The Block, due to concerns about the US economic recession and geopolitical uncertainty, the total market value of the crypto market evaporated tens of billions of dollars this week. Bitfinex analysts pointed out that despite the improved inflation outlook, global economic growth forecasts remain weak, with the IMF predicting a slight decrease to 2.9% in global growth in 2024. Bitcoin may be sought after as a safe-haven asset, while altcoins may suffer losses due to reduced liquidity and decreased risk appetite. Aurelie Barthere, Chief Research Analyst at Nansen, believes that the probability of an economic recession in the second half of 2024 is 40%, higher than the historical average of 17%. Valentin Fournier, an analyst at BRN, noted that after briefly falling below $50,000, Bitcoin experienced upward pressure for two consecutive days, and short-term economic data may alleviate recession concerns.

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<p>Deep Tide TechFlow News, August 8th, according to The Block, this week, due to concerns about the US economic recession and geopolitical uncertainty, the total market value of the crypto market evaporated tens of billions of dollars. Analysts weighed the possibility of an economic recession this year and the potential impact on Bitcoin and other cryptocurrencies.</p>
<p>Analysts at the cryptocurrency exchange Bitfinex pointed out that although the outlook for inflation has improved this year, global economic growth forecasts are still "weak." The International Monetary Fund (IMF) predicts that global growth will decrease slightly from 3% to 2.9% in 2024, coupled with persistent inflationary pressures, indicating that central banks are "taking measures to stimulate the economy to avoid further recession." Concerns about an economic recession may have a mixed impact on Bitcoin and the broader crypto market. Bitcoin may be sought after as a safe-haven asset, while altcoins may suffer losses due to reduced liquidity and decreased risk appetite.</p>
<p>Aurelie Barthere, Chief Research Analyst at on-chain analytics platform Nansen, stated that growth in the Eurozone has been weak since the energy shock triggered by the Ukraine war in 2022, and growth in China has also weakened due to the bursting of the real estate bubble. Although there are currently no obvious fragile areas, US growth is also slowing down. Barthere believes that the probability of an economic recession in the second half of 2024 is 40% (30% for a shallow recession, 10% for a hard landing), higher than the historical average of 17%.</p>
<p>Valentin Fournier, an analyst at BRN, stated that after briefly falling below $50,000 on Monday, Bitcoin has faced upward pressure for two consecutive days and opened higher today. In the short term, initial jobless claims and CPI data next Wednesday may alleviate concerns about an economic recession and maintain a positive momentum. Looking ahead, potential interest rate cuts, the US presidential election, and the potential creation of a national Bitcoin reserve if Trump wins could be potential catalysts in the coming months.</p>
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Bitfinex Analyst: Bitcoin Becomes a "Safe Haven Asset," Altcoins May Suffer Losses Due to Reduced Liquidity and Decreased Risk Appetite