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Crypto Crash Alert: Bitcoin Slips Below $96K, Altcoins Tumble
The crypto market has taken a sudden turn for the worse as El Salvador struck a massive deal with the IMF. The country agreed to make some adjustments to its Bitcoin Policy, and this news has sent shockwaves throughout the industry.
As a result, Bitcoin (BTC) has plummeted by 3.32%, currently trading at $97,697. Over the past 24 hours, it fluctuated between $95,537 and $102,747. Bitcoin’s market cap now stands at $2.05 trillion, with trading volume slightly lower at $39.57 billion.
The decline is not limited to just Bitcoin, as major altcoins have also taken a hit. Ethereum (ETH) dropped by an alarming 6.52%, currently trading at $3,420. Grayscale’s ETH ETFs saw outflows of $750 million in the past day alone, indicating that traders are liquidating their positions.
The market is now on high alert as it struggles to find its footing amidst this volatility. The recent price action has caused a stir among market participants, with many calling for a potential pullback or even a larger correction.
One area of hope lies in the upcoming SEC approval of new ETFs. This development could potentially bring more mainstream investment into the crypto space, stabilizing the market and paving the way for long-term growth.
For now, it seems that greed has taken a backseat as fear grips the market. The Fear and Greed Index currently sits at 62, indicating a lack of panic but also a diminished sense of optimism.
As the situation continues to unfold, investors would be wise to stay vigilant and keep a close eye on key developments.
Source: coinpedia.org
