Today, the crypto market is in a struggle with bears as recession fears and liquidity pressures shake crypto assets. The Fear & Greed Index has dropped to an “Extreme Fear” score for the first time since the FTX crash.
Overall Market Situation
The crypto industry's market cap has slid by 4.37% over the past 24 hours to $2.59 trillion. The looming fear around a U.S. recession has led to over $900 million in liquidations.
Bitcoin's Status
Bitcoin managed a sharp bounce from its 24-hour low of $76,624.25, climbing to $80,155.34. Despite $317.95 million worth of liquidations in the past 24 hours, Bitcoin’s market cap is at $1.59 trillion, with trading volume soaring by over 52% to $58.75 billion. Coin Glass noted that 'Current metrics show increased volatility and market pressure.'
Altcoin Drop and Current Leaders
Ethereum faced declines, dropping 8.36% to $1,893.45. XRP fell by 4.31%, and Solana's price shed 3.53%, floating around $123.35. Among the top gainers, MOVE token rose by 6.49%, with STORY IP and OM rising by 3.85% and 3.74%, respectively. Among losers, FET plunged by 15.59%, LDO fell by 13.51%, and UNI by 11.55%.
The current situation in the crypto market remains tense due to fears of recession and liquidity pressures. Market volatility demands close monitoring, especially amid ongoing changes and adaptation to new economic conditions.
