Cryptocurrency markets are witnessing a bloodbath over the last 24 hours. The global market cap is down by 8.65 per cent in the last 24 hours and is at $ 809.51 billion as of 11.30 AM IST, CoinMarketCap data showed.
Bitcoin is down by a whopping 11.20 per cent and is trading at $18,132.
Ethereum also showed a major downtrend and fell below the $1000 barrier and is at $ 946 after sliding down 12.15 per cent.
The BNB token plummeted by 9.64 per cent.
The ADA token crashed by 9.13 per cent.
The meme coin Doge slipped 9.30 per cent.
Overall, the majority of top cryptocurrency tokens slid drastically from their positions over the last 24 hours.
The global cryptocurrency market cap has crashed to $ 809 billion levels. It’s worth noting that the market cap was at $3 trillion roughly seven months ago at its all-time high.
Because of the crypto crash, Bitcoin ‘Fear and Greed’ Index has dropped below 8, indicating extreme fear.
Sharat Chandra, vice president of Research and Strategy at EarthID told Business Today that Bitcoin’s future outlook is pessimistic.
He said, “Macro indicators signal that Bitcoin is entering the deepest phase of the bear cycle.”
Speaking of HODLers, he said, “Even the long-term Bitcoin holders have realized significant losses. Increased realized losses are driving Bitcoin prices to newer lows.”
He further added,” Bitcoin’s seven-day moving average has reached a 2-year low of 0.92537.”
Chandra also believes these numbers might lead to more panic selling. He concluded by saying, “Larger liquidations can be triggered at these levels.”
As to what might be the reasons that are causing this mayhem in the crypto markets, Tarusha Mittal, COO of Unifarm, a group staking platform, told Business Today,” Investors are shifting from riskier crypto assets. The markets are expected to remain choppy in the coming weeks as central banks around the world continue to take strict measures to tame inflation.”