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What Is Going On with Crypto Today?
The cryptocurrency market is in a state of chaos as the Non-Farm Payrolls (NFP) report has sent shockwaves through the community. The Federal Reserve’s hawkish stance has instilled fear among investors, causing liquidations to skyrocket to $600 million in just 24 hours.
Despite the U.S. government announcing the establishment of a strategic Bitcoin reserve, the market has not shown any signs of recovery. In fact, the situation has only worsened, with many altcoins also feeling the heat.
Bitcoin’s price has plummeted to an astonishing $82,506.72, down 4.03% since yesterday. Its market capitalization has also taken a hit, falling by 4.03% to $1.63 trillion.
Meanwhile, Ethereum and other prominent altcoins are not faring any better. The once-promising Ethereum has witnessed liquidations of $108.01 million and is now trading at $2066.30, down over 5%. Solana’s price has also taken a significant hit, dipping by more than 7% to $128.28.
In contrast, there are some glimmers of hope on the charts as a few tokens have managed to defy the bearish trend. Story IP took the limelight with a remarkable 9.61% price surge, followed closely by Ethena’s 5.11% gain. XAUt, however, held steady with a slight uptick of 0.01%.
As for those on the losing end, JASMY led the pack with a whopping 13.66% decline, while KAS and MKR trailed close behind with losses of 12.41% and 11.75%, respectively.
The current crypto market sentiment is reflected in the Fear & Greed Index, which has reached an “Extreme Fear” score of 17. This begs the question: can we expect a rebound or will this downward trend continue? Only time will tell.
Source: https://coinpedia.org/uncategorized/what-is-going-on-with-crypto-today/
