Bitcoin dropped below $50,000 for the first time since February amid a global market sell-off. The sell-off was spurred by renewed fears of recession after a weaker-than-expected July US jobs report. Other major cryptocurrencies also plunged, with Ether erasing its gains for 2024 and falling 17% in one day. Crypto stocks like Coinbase and MicroStrategy were hit hard in premarket trading. The declines follow a broader sell-off in tech and Nasdaq stocks as investors fear the Fed will not achieve a soft economic landing.