- Bitcoin drops below $90K, losing nearly 6%.
- Ethereum crashes under $3K amid rising panic.
- Daily liquidations close to $1B as fear index plummets.
The crypto market is facing another brutal correction as prices tumble across the board. Bitcoin ( BTC ) has plunged to $89,740, losing 5.9% in the past 24 hours. Ethereum ( ETH ) has also taken a major hit, falling 6.5% and slipping below the key $3,000 mark to trade at $2,989.
The sharp decline comes amid growing macroeconomic uncertainty and investor fear. According to the Fear and Greed Index (FGI), sentiment has nosedived to 11, signaling “Extreme Fear” in the market.
Liquidations Surge Near $1B
With panic setting in, long positions are being wiped out rapidly. Total liquidations have surged close to $1 billion, as traders get caught on the wrong side of the market. Long traders, betting on prices to rise, are bearing the brunt of this crash.
The crypto market cap has also shrunk, now standing at $3.27 trillion, further highlighting the scale of the downturn. This wave of sell-offs is not just limited to BTC and ETH. Altcoins across the board are also experiencing steep declines, amplifying the bearish sentiment.
Uncertainty Dominates Market Outlook
Investors are closely watching macro indicators, including inflation data, interest rate policies, and geopolitical tensions, all of which are adding to the uncertainty. Until there is more clarity on the global economic front, the crypto market may remain volatile.
While long-term believers in crypto may see this as a buying opportunity, short-term traders are clearly rattled. With fear at its peak and technical levels breaking down, the near-term outlook remains cautious
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