Bitcoin and most cryptocurrencies slumped on Thursday, with their total market capitalization plunging by over 5.7% to $2.6 trillion.

Pi Network (PI) was one of the worst performers as it dropped to a record low of $0.56, down by over 80% from its highest level in February.

Pepe (PEPE), the third-biggest meme coin, dropped by 17%, while Ethena (ENA) fell by 18%. The other top laggards were altcoins like Hyperliquid, Berachain, Bonk, Jito, and Official Trum, which also fell by over 15%.

The sharp decline came as U.S. recession odds surged. According to Polymarket, the probability of a U.S. recession rose to over 70%. MetLife, a leading financial services firm, increased its recession odds to 40%, while Goldman…