Bitcoin slides back under $20K as investors flee to U.S. dollar haven

Bitcoin (BTC-USD) is dipping back under its key technical level in early Tuesday morning trading amid a broad flight to safety as fears of a recession deepen and financial conditions deteriorate. The token is dipping 3.3% back to below $19.8K as of shortly before 9:00 a.m. ET, trading as low as $19.5K earlier in the session. Bitcoin (BTC-USD) has been range bound since mid-June. Similarly, ethereum (ETH-USD) is falling 6.8% to $1.07K over the past 24 hours. Overall, the global crypto market cap is off 3.5% to $880.80B, according to data from CoinMarketCap. "It is indeed surprising that Bitcoin has remained range bound for such a long period, considering the geopolitical and macro-economic factors at large," Nick Healre, head of Corporate Advisory at U.K.-based digital asset broker GlobalBlock, wrote in a note. "In China, we have heard reports of bank runs due to depositor’s accounts being frozen, a default of Sri Lanka, not to mention the ongoing war in Ukraine and escalation of Covid measures in China which will continue to impact the supply chain."The slump in cryptos comes as financial markets fret over recession risks and a soaring dollar, which is at parity with the euro (FXE) for the first time in 20 years. The trade-weighted U.S. dollar index is rising 0.15% against a basket of major currencies to 108.18, up a whopping 17.2% Y/Y jump in a move that spells risks of a global deflation-based recession. "We remain very bull...