Bitcoin and Ethereum slip by 7% as crypto prices stumble

CRYPTO prices took a sharp hit amid a broader market rout, with Bitcoin falling by more than 6% and Ethereum tumbling nearly 8% over the past 24 hours.

Most other cryptocurrencies are also deep in the red this morning. While the exact catalyst for the sell-off remains unclear, the surge in Bitcoin's trading volumes suggests heightened market activity.

Some analysts attribute the severity of the downturn to the liquidation of leveraged positions.

The Fear and Greed Index has firmly dipped back into Fear territory, highlighting investor anxiety. Despite the decline, Bitcoin has started to show signs of a potential recovery in the past couple of hours.

In the Markets

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Total crypto market cap

$2.08 trillion (-6%)

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What Bitcoin did yesterday

Daily high $63,201 |  Daily low $58,187

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Bitcoin market capitalisation

$1.16 trillion (57.37% of market)

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Bitcoin 24-hour trading volume

$42.9 billion (+53%)

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SP500

+0.16%

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Fear and Greed Index

30 (Fear) 

The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.

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Bitcoin Relative Strength Index (RSI)

28.3

Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

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Post Script…

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Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

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