The value of the crypto market plummeted below $1.3 trillion, pushing Bitcoin below $30,000.
Bitcoin was last seen trading at around $29.5K, down 5% for the day. Ether, the second-largest cryptocurrency by market capitalization, was trading at around $1,730, down around 6% during the same period. Other big altcoins, such as SOL which had risen were in the red as investors dealt with the months-long drip of more troubling news. A total of 79,291 traders were liquidated on the day, for a total of $231.11 million. On Okex, the greatest single liquidation order was $2.32 million in ETH-USDT.
The Securities and Exchange Commission (SEC) is apparently investigating the origins of the exchange’s Binance Coin (BNB) for law breaches, causing many altcoins to plummet in value. The fear and greed index has risen somewhat, albeit it remains firmly in the extreme fear category. Volatility in crypto markets has continued to decline, but the fear and greed index has risen slightly. Bitcoin has been trapped in a tight range between $28,000 and $31.5K for the past month as investors await more information on whether the economy will enter recession or withstand the storm.
The Fear and Greed Index is a data-driven sentiment indicator that clearly displays the crypto market’s pessimistic sentiment. The indicator has remained persistently below 20 for a long time.
For the crypto market to rise again, a number of price measures must shift. Experts feel that the research they presented revealed additional drawbacks.
This is primarily due to altcoins’ slightly more negative conditions, as well as Asian retail markets’ apparent lack of or loss of enthusiasm for investing in cryptocurrencies. It is clear that crypto bulls must demonstrate far greater capacity in order to attract additional investors to the industry.
-Nairametrics.