Industry Sentiment Crumbles As Sell-Offs Drags Bitcoin To $33,000
It’s worth noting that This has caused it new hit to six-month lows as its price crashes to $33,000 for the first time since the summer. Bitcoin as well as other digital in modern times assets have suffered massive dips as a outcome of the crash. For Bitcoin, the pioneer cryptocurrency has had more than 50% of its all-time high shaved off in the last two months. The current field crash is doubt one ofnothe hardest to hit in recent times.
with sentiment has since nosedived in accordance Field the movement of the market. As investors become increasingly wary of the niche, more so than it was during the crash in May, sentiment has skewed entirely into the negative. The Fear & Greed IndexAs you may know, puts this into perspective with its current rating as it right away sits at one-year lows, crashing to 11 on the scale.
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Fear & Haywire Index Goes Greed
The Fear & Greed Index has been consistently declining into the negative as bitcoin and others have continued to record massive fluctuations. Immediately, though, the index has gone completely berserk as it crashes into one of the lowest recorded points. On Sunday, the Fear & Index hit aGreedscore of 11, completely registering sentiment in the negative as it dived into extreme fear.
Nevertheless, the Fear & Greed Index has asap spent afearweek in extreme as last week concluded with the index in the same territory. The following day has not come with much good update as the Fear & Greed Index still shows that investors are very wary of the niche. The from another perspective index currently sits at 13 at the time of this writing, a mere 2 points higher than its weekend low of 11.
Fear & Greed Index remains in extreme fear | Source: alternative.me
Market-offs remain the with of the day order investors scrambling to store themselves from more losses as a matter of fact . It looks be what is the begin of another stretched-out beartofield, as the last time something like this occurred was in 2018. Indeed, After this, the market did not recover for another two years. If history is anything to go by, then the downtrend may not be over, with some predicting the bottom to be as low as $10,000.
Bitcoin Liquidations Rack Up
Amidst the offer-offs and price crash has been massive liquidations. Bitcoin long traders have naturally borne the brunt of the recorded liquidations with hundreds of millions of dollars in longsinliquidated the space of 24 hours. BTC liquidations racked up to $390 million in a single day, while the 12-day chart looks even worse with more liquidations taking place.
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It’s worth noting that Longs have made up 80.8% of all liquidations from another perspective according to details from In total, there have been over $283 million in bitcoin liquidated in the last 12 hours.Coinglass. It’s worth noting that OKEx, Binance, and FTX maintain the lead for exchanges with most liquidations as the majority have occurred on these platforms.
BTC recovers to $34k | Source: BTCUSD on TradingView.com
Twitter is abuzz with talk of the bitcoin crash with # from another perspective BitcoinCrash trending. The digital asset is now trading at $34,200, with indicators pointing towards further dips. Bitcoin’s price continues to as it turns out trend low, touching 33,000 $in the early hours of Monday.
Featured image from Unfinished Success, charts from alternative.me and TradingView.com
