Cryptocurrencies: Wholesale Crash, With Deepest Fall in 3 Years
The sharp cryptocurrency losses did not stop even after the US Federal Reserve raised interest rates by about 75 basis points after raising expectations from 50 basis points.
Cryptocurrencies are not the only ones that have been subjected to violent pressure during the few days, the fall came quickly in the stock market as well, but the losses of cryptocurrencies came at a faster pace than others
According to the Fear and Greed Index, coinciding with the fall of Bitcoin to its lowest level since December 2020, the sentiment of traders has fallen to its worst since August 2019 in nearly 3 years.
The data of the Fear and Greed Index, which measures the morale of dealers in the crypto market, revealed that the index fell to its lowest level since mid-August 2019 when the market fell at levels of 5 points.
The last reading of the index data recorded levels of 6 points to fall into the area of intense panic, compared to the levels of 14 points as an average during the past week, and the levels of 13 points within a month.
In the past 24 hours, digital currencies lost about 100 billion new ones from their market value, down to levels near $ 800 billion, compared to $ 900 billion during trading on June 18.
However, cryptocurrencies have so far lost nearly $2.3 trillion from reaching their historic peak in November 2021, down from levels near $3.1 trillion.
On the other hand, cryptocurrencies have lost about $1.4 trillion in the past two months alone, down from $2.2 trillion to the current levels during Sunday’s trading.
At the moments of writing the report, the violent decline that occurred since Saturday evening has subsided, as Bitcoin now recorded levels near 19 thousand dollars after dropping below 18 levels earlier in trading.
While Ethereum, the second largest cryptocurrency, ETH/USD is approaching the $1,000 levels, the altcoin is losing 33% in a week while Bitcoin is down 31% over the same period.
Urgent: Falling at the speed of the missile.. 90%
Binance Coin BNB/USD is down 1% now while it is down 23% in a week, while Cardano is down 1% and 12% in a week, while Ripple has turned slightly green while declining 12% in a week.
On the other hand, Solana, DOGE/USD, Polkadot and TRX/USD rose by 6%, 8%, 6% and 3%, respectively, but decreased by 8%, 14%, 7% and 20% in a week.