The crypto market is experiencing a downturn, with major digital assets like Bitcoin and Ethereum seeing a decline in prices. Over $247 million worth of crypto has been liquidated in the past 24 hours, with Bitcoin long positions alone being liquidated for nearly $68 million. Bitcoin’s price dropped by 3.6% to as low as $40,800 before recovering to $41,080. Ethereum also slid by 2.8% to $2,460.
Other cryptocurrencies in the top 10 by market cap also experienced significant declines. Solana’s price dropped by 6.7%, XRP by 3%, Cardano by 5%, and Avalanche by over 7%. Meme coins Dogecoin and Shiba Inu both saw a decline of over 3%.
The global crypto market crashed by nearly 3.5% to $1.62 trillion, reflecting negative sentiment among investors. The fear and greed index level stood at 56, indicating a hit to investor sentiment.
Top 3 Cryptos For Today
Pepe Price Falls Over 5%
The price of Pepe Coin fell by over 5% to $0.000001125, resulting in a market cap of $473.7 million. Trading volume rose marginally to $73.3 million.
SEI Price Plummets 9%
The Sei Network’s token experienced a more than 9% decline in prices, with SEI’s price standing at $0.717 and its market cap falling to $1.7 billion.
Conflux Price Surges Nearly 2%
Conflux, the namesake token of the Layer 1 public blockchain Conflux, rose about 2% to $0.1985. Its market cap surged to $720.8 million, and trading volumes increased by 257% to $224.3 million.
Hot Take: Crypto Market Experiences Decline in Prices
The crypto market has faced a decline in prices, with major cryptocurrencies like Bitcoin and Ethereum experiencing a drop. This has led to liquidations of over $247 million worth of crypto in the past 24 hours. Investor sentiment has taken a hit, as reflected by the fear and greed index level. However, some cryptocurrencies have bucked the trend, such as Conflux, which saw a surge in price. It remains to be seen how the market will recover from this downturn.
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