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Why Crypto Market is Down Today?
The cryptocurrency market has witnessed a sharp decline in the past 24 hours, with a significant drop in the overall market cap of $2.79 trillion, representing a decline of 2.19%. This downturn comes amid increasing regulatory uncertainty, large-scale liquidations, and macroeconomic pressures.
Fear & Greed Index Slips to 33
The Fear & Greed Index has slipped to 33, signaling growing fear among investors. This index is used to measure market sentiment and typically ranges between 0 (extreme fear) and 100 (extreme greed).
Over $257 million in Liquidations
In a rather alarming development, the total liquidations have exceeded over $257.35 million, with $198.11 million of this amount coming from long positions. This indicates that traders who bet on the price increase of certain cryptocurrencies faced significant losses. Bitcoin was particularly hard hit, seeing $62.45 million in liquidations, with $48.94 million of these losses attributed to long positions. Ethereum also suffered heavily, with a staggering $43 million in long liquidations out of a total of $51.76 million.
Bitcoin & Altcoins Face Selling Pressure
As market sentiment continues to deteriorate, Bitcoin has dropped by 1.68% over the past day, trading at $85,931.61. The asset remains under pressure as investors’ sentiment deteriorates further, with Bitcoin’s dominance holding steady at over 61% of the total market cap.
Ethereum followed suit, falling by 5.44% to $1,915.94, mirroring a stronger sell-off among top altcoins. Other major cryptocurrencies like XRP and Solana have also recorded significant losses of 4.68% and 3.73%, respectively.
Gainers & Losers
Despite the bearish market, some tokens managed to defy the trend. Cronos led the gainers, rising by 7.58% to $0.1087, followed closely by Toncoin and Pi Network, which rose by 4.39% and 3.93%, respectively. On the flip side, Story IP suffered the largest decline, losing a significant 9.98% of its value to $5.21. POL and IMX also recorded notable declines of 9.48% and 9.47%, respectively.
FAQs
Why is the crypto market down today?
The market has declined due to increased regulatory uncertainty, rising liquidations, and macroeconomic factors such as new US trade tariffs affecting risk appetite.
Which cryptocurrencies have been hit the hardest?
Ethereum, XRP, and Solana have faced notable declines, with ETH seeing the highest long liquidations.
Are there any tokens performing well today?
Yes, Cronos, Toncoin, and Pi Network have posted gains, defying the broader market downturn.
Source: https://coinpedia.org/price-analysis/why-crypto-market-is-down-today-7/
