Overall sentiment measured by Crypto Fear & Greed Index reversed to ”extreme fear”
As seen on CoinMarketCap, the cryptocurrency market is once again a sea of red, with some of the major altcoins plunging over 10%. Bitcoin fell to new lows of $34,322, the lowest level in a month, while Ethereum plunged nearly 12% and traded at $2,376 at press time.
In the last 24 hours, Bitcoin-tracked futures saw $143.29 million in liquidations—the most among all cryptocurrencies—followed by Ethereum futures at $120 million. Overall, the crypto markets saw over $457.55 million in liquidations, as per CoinGlass data.
Cardano and Avalanche, two of Ethereum’s top ‘killers’, are among the furthest behind at the time of writing, plunging 14% and 15% respectively. Total market capitalization has now shrunk to $1.58 trillion amid declines.
Despite recent positive developments in the Ripple v. SEC case that allowed the XRP cryptocurrency to buck the trend for a short period, the cryptocurrency has also cracked under pressure, tanking by 11.68%. In recent updates shared by defense lawyer James K. Filan, another positive win comes for the XRP lawsuit as, in a one-word order, District Judge Torres has denied the SEC’s motion to file a sur-sur-reply in support of its motion to strike.
The Polygon Layer 2 Scaling Network (MATIC) grew by 15.29% in the last 24 hours, according to data provided by CoinMarketCap. The token is currently trading at $1.30, as seen on CoinMarketCap.
Market sentiment shifts into ”extreme fear”
As BTC price action fell, sentiment caught up with the spot price complementing bearish signals from the markets. Overall sentiment as measured by the Crypto Fear & Greed Index reversed to “extreme fear” from neutral levels.
At press time, the index measured just 23/100—characterizing “extreme fear.” The sharp fall contrasts with behavior during the previous week, during which the index shifted into “neutral” territory.
Bitcoin currently sits at the $35,385 level on major spot exchanges.
