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The cryptocurrency market faces severe challenges as Bitcoin drops below $60,000
The cryptocurrency market faces severe challenges as Bitcoin drops below $60,000
The cryptocurrency market is experiencing a busy day, characterized by continuous sell-offs. The total cryptocurrency market capitalization decreased by 5.94% in the last 24 hours and currently stands at $2.21 trillion. second to CoinMarketCap data. Additionally, for the first time since January 2024, the Crypto Fear and Greed Index moved from greedy to neutral territory.
Tuesday’s bearish trends are evident across the board, with all coins in the top 100 showing negative performance over the past 24 hours. Cosmos (ATOM) it is the best performing token among the top 100, gaining 1.98%. This is followed by Tron (TRX)which increased by 0.76%. Unus Sed Leo (LEO) brings together winners in the top 100 and is up 0.23%. Most of the 100 most valuable cryptocurrencies by market cap are currently posting losses, with Stacks (STX) being the worst, down 16.88% in the last 24 hours.
Bitcoin (BTC), the leading cryptocurrency, is also facing downward pressure. The coin is currently trading at around $59,897, reflecting a loss of 6.11% over the past 24 hours and a decline of 10% over the past 7 days. Data from CoinGlass reveals that over $261 million worth of long positions across all cryptocurrencies have been liquidated in the past 24 hours. Also considering short positions, total liquidations amounted to over $324 million.
The performance of the cryptocurrency market is closely linked to global trends, as most international markets are also experiencing declines today. Several factors contribute to this, including concerns about the U.S. Federal Reserve’s impending interest rate decision, uncertainty about corporate earnings, and the anticipation of significant macroeconomic events.
Investors are closely monitoring the Federal Reserve’s stance on interest rates, with the central bank currently in the midst of a two-day monetary policy meeting. The decision and subsequent press conference are expected tomorrow.
Looking ahead, updated inflation metrics and the release of the next U.S. jobs report will play a significant role in influencing market sentiment. Additionally, nearly 200 companies in the S&P 500 Index are expected to release their financial results this week. Notably, April was the only bearish month for the S&P 500 since October 2023.