Cryptocurrency markets "liberated" $270 billion in just 24 hours, a new reminder that Bitcoin is a risky asset. The currency posted its biggest one-day drop – down 13 percent from Sunday's close on Monday morning, at one point falling below $50.000, its biggest one-day loss since November 2022. It was last at this level in February 2024, while its all-time high was $64.800 in April 2021.

Ethereum fared even worse – at one point it lost as much as a quarter of its value. Virtual currencies reacted to the sell-off of other risky assets on the stock markets, after the announcement of a possible recession in the United States after the release of data on the disappointing business results of companies, rising unemployment and falling production.

In addition, the Fed hasn't promised to cut interest rates in September, and rising tensions in the Middle East aren't helping either. It is interesting that the restriction of Bitcoin happened immediately after the legislative proposal of Cynthia Loomis, a senator from Wyoming, that in the future the United States, in addition to the standard national treasury, also keeps strategic reserves of cryptocurrencies, primarily Bitcoins. Yesterday morning was not in favor of plans to pass the Bitcoin Act, and after all, the proposal comes from a party that does not have a majority in the Senate, so it is possible that it will not even make it to the agenda for discussion, Reuters reported.