The Market Tanks as Worries of a Recession Intensify

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Posted: Jan 24, 2022 1:15 PM
The Market Tanks as Worries of a Recession Intensify

Source: AP Photo/Evan Vucci

UPDATE: The White House was asked about the situation Monday afternoon. 

***Original post***

Wall Street took a nosedive Monday as worries of a recession intensify under Present Joe Biden's economic policies, rapidly rising inflation and as global supply chain problems continue. 

The crypto markets are also taking a beating. 

"The cryptocurrency market had around $130 billion wiped off its value over the last 24 hours, as major digital coins continued their multi-day sell-off. On Monday bitcoin fell to as low as $32,982.11, its lowest point since July, according to Coin Metrics. The largest cryptocurrency by market cap was last down 1.6% to $34,623.20," CNBC reports. "Ether plunged to as low as $2,176.41, its lowest since July, according to Coin Metrics. It last fell 6.3% to $2,263.72. Both are about 50% off their respective all-time highs." 

"Cryptocurrencies are moving in tandem with stocks, which have continued to fall since the beginning of the year and just came off of their worst week since March 2020. Investors have been selling risk assets like technology stocks, as they prepare for tighter monetary policy from the U.S. Federal Reserve," the report continues. 

Meanwhile, Senate Budget Committee Chairman Bernie Sanders continues to demand President Joe Biden move forward with massive government spending plans.