Cryptos crashed as risk-off sentiment permeated global markets. Bitcoin (BTC) tumbled below $60,000 during the weekend, then nosedived to $49,300 during Monday’s Asian morning as investors fled risk assets. Bitcoin is down nearly 15% in the past 24 hours, recovering to near $52,000. Ether (ETH) fell 22% to $2,100, recording its biggest one-day fall since 2021. The altcoin-heavy broad-market benchmark CoinDesk 20 Index (CD20) slid nearly 20%, with crypto majors solana (SOL) and Near Protocol (NEAR) plummeting 20%-25%. “Feels like we have been hit by a perfect storm,” QCP analysts said in a market update. What started the sentiment shift was Friday’s U.S. economic and jobs data igniting recession fears, coupled with rising tensions in the Middle East. The Japanese yen spiked against the U.S. dollar, leading to an unwind of trades across asset classes, with Asian equity indexes suffering record routs on Monday: The Taiwanese index, for example, had its worst day in 57 years. QCP also pointed to crypto trading giant Jump selling off assets, exacerbating the decline.