CandleFocus

Crypto market wipes out $350 billion in two days

Author: Content Editor
Over the past 48 hours, the cryptocurrency market has experienced a significant decline, with $350 billion exiting the market. This has resulted in a drop in the total market capitalization from $3.58 trillion to $3.23 trillion. Bitcoin, in particular, has seen its market capitalization decrease from $2.03 trillion to $1.83 trillion during this period, and its price has dropped by 10% to $92,203. Investor sentiment is currently ambivalent, as reflected by the Crypto Fear and Greed Index at 49. The retreat of institutional capital from crypto-focused ETFs is causing concern among investors. This is likely due to apprehension surrounding central bank monetary policy, including the possibility of a Federal Reserve interest rate hike. Market analysts are closely monitoring support levels, with $90,000 being a crucial threshold for Bitcoin. A breach of this level may lead to further liquidation, while a strong defense could boost market sentiment.

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