The cryptocurrency market is currently facing a challenging time as bearish sentiments and liquidity concerns have caused a significant drop in crypto assets. The Fear & Greed Index has plummeted to an “Extreme Fear” score of 15, reminiscent of the FTX crash.
In terms of numbers, the overall market cap of the crypto industry has decreased by 4.37% to $2.59 trillion over the past 24 hours. The looming fear of a recession in the U.S. has resulted in liquidations exceeding $900 million, signaling a period of uncertainty for investors.
Despite the overall market turbulence, Bitcoin has once again demonstrated its resilience by bouncing back from a 24-hour low of $76,624.25 to $80,155.34 at the time of writing. Despite liquidations totaling $317.95 million in the past 24 hours, Bitcoin’s market cap remains at $1.59 trillion, with trading volume increasing by over 52% to $58.75 billion.
On the other hand, altcoins have not fared as well, with Ethereum dropping by 8.36% to $1,893.45, XRP posting a 4.31% decline, and Solana losing 3.53% to trade around $123.35.
In terms of top gainers and losers, MOVE token leads the gainers with a 6.49% increase, followed by STORY IP and OM, which rose by 3.85% and 3.74%, respectively. Among the losers, FET experienced a significant drop of 15.59%, while LDO and UNI fell by 13.51% and 11.55%, respectively.
As the market continues to fluctuate, it is crucial for investors to stay informed and ahead of the curve. Subscribe to receive regular updates and analysis to navigate the unpredictable cryptocurrency landscape.