The global cryptocurrency market has slipped below $1 trillion a few hours to the time of writing. This is the first time in more than a year the valuation of the industry is below the said mark.
Nonetheless, it attests to the fact that the sector is currently in a bearish market. Most cryptocurrencies’ failure to surge has had a massive impact on the worth of the sector under consideration.
One surge is the largest coin by market cap. Bitcoin dipped as low as $23k, losing more than 11% of it value per unit. The drop was also felt in its market as an equal loss was seen. Ethereum joins the list of projects to have suffered from a bearish grip as well.
The asset has lost more than 20% of its value over the last seven days. All price decreases are also felt in the derivative market as more traders are getting REKT by the minute. A clear indication of this effect is the liquidation data.
As of the time of writing, more than a total of $982 million has been liquidated. The liquidation on BTC makes up more than 40% of the entire REKT capital. Ether also had it fair of the bleed as investors lost more than $370 million.
Of all the lost capital, it is interesting to note that more than 60% of are from long positions. The figures will increase as the market is seeing more downtrend. The is has resulted in more fear.
Cryptocurrency Fear and Greed Index Remains Bearish
It is no surprise that the vibe in the market is extremely bearish. In response to this sentiment, the Fear and Greed Index is at one of the lowest levels seen over the last 30 days. This is a clear indication of the increase in fear, doubt and uncertainty in the market
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