Most crypto assets suffered significant sell-offs, sending Bitcoin below $30K once more as the crypto market valuation fell below $1.3 trillion.
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 and ADA, which had climbed dramatically earlier in the day were in the red as investors grappled with the months-long drip of more unsettling 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 reportedly looking into the origins of the exchange’s Binance Coin (BNB) for possible securities law violations, which has sent many altcoins, including the BNB token, into the red.
- Volatility in crypto markets has continued to decrease, but the fear and greed index has risen somewhat, though it remains firmly in extreme fear area. For the past month, Bitcoin has been stuck in a tight range between $28K and $31.5K as investors wait for more clarity on whether the economy will enter recession or weather 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 mostly owing to the slightly more negative conditions of altcoins, as well as the apparent lack of or loss of enthusiasm in investing in cryptocurrencies from Asian retail markets. It is clear that crypto bulls must demonstrate far greater capacity in order to attract additional investors to the industry.