The cryptocurrency market is facing a downturn as global market capitalization falls 1.68%, bringing it down to $3.39 trillion. Daily trading volume decreased by 5.27%, indicating a cautious sentiment among investors. Major cryptocurrencies like Bitcoin and Ethereum are leading the decline, resulting in hefty losses for many altcoins alongside a spike in trading volatility.
The shifts in the market are largely attributed to a range of macroeconomic and political factors impacting both crypto and traditional markets. On Wall Street, the S&P 500 dropped 0.27%, DJT decreased by 1.87%, and NASDAQ fell by 0.50%. Liquidations also surged dramatically, with over $327 million wiped out in the past 24 hours as 112,143 traders faced liquidation.
Bitcoin is down 1.68%, now trading at $107,740.76, while its market cap remains at $2.14 trillion with approximately $54 billion in daily trading. Ethereum has also seen a decline, sitting at $2,760.10. Among the altcoins, major losses were noted, with XRP down 1.87% and Solana down 3.97%.
This downward trend has caught many traders off guard, particularly those holding long positions after recent bullish signals. Cautions about the volatility of the market are warranted as leveraged positions continue to face pressure and uncertainty.
Top gainers during this downturn include SPX6900 at $1.68 (+6.63%) and KAIA at $0.1695 (+3.14%), while significant losses were seen in CRV, JUP, and RAY, all plummeting by nearly 10%.
The current Fear & Greed Index indicates a level of greed at 61 but is trending down, reflecting the prevailing market uncertainty. Experts suggest that the current bearish sentiment could linger, impacting everyday investors in the crypto space.
The shifts in the market are largely attributed to a range of macroeconomic and political factors impacting both crypto and traditional markets. On Wall Street, the S&P 500 dropped 0.27%, DJT decreased by 1.87%, and NASDAQ fell by 0.50%. Liquidations also surged dramatically, with over $327 million wiped out in the past 24 hours as 112,143 traders faced liquidation.
Bitcoin is down 1.68%, now trading at $107,740.76, while its market cap remains at $2.14 trillion with approximately $54 billion in daily trading. Ethereum has also seen a decline, sitting at $2,760.10. Among the altcoins, major losses were noted, with XRP down 1.87% and Solana down 3.97%.
This downward trend has caught many traders off guard, particularly those holding long positions after recent bullish signals. Cautions about the volatility of the market are warranted as leveraged positions continue to face pressure and uncertainty.
Top gainers during this downturn include SPX6900 at $1.68 (+6.63%) and KAIA at $0.1695 (+3.14%), while significant losses were seen in CRV, JUP, and RAY, all plummeting by nearly 10%.
The current Fear & Greed Index indicates a level of greed at 61 but is trending down, reflecting the prevailing market uncertainty. Experts suggest that the current bearish sentiment could linger, impacting everyday investors in the crypto space.
