CRYPTOCURRENCY markets have shed nearly 7% in the past 24 hours, as a combination of factors fuels uncertainty.

Lingering concerns from the recent hack of a Dubai-based crypto exchange, coupled with a dip in US equity prices driven by doubts over AI demand have weighed on sentiment, note analysts.

As one observer put it on Twitter, "If you think of crypto as levered tech stocks, it’s easy to understand the short-term selloffs".

Bitcoin is now trading below $90,000, while Ethereum has dropped 11% overnight. Altcoins have been hit particularly hard, with Fantom (FTM) surrendering much of its monthly gains in a single session. Solana (SOL) has also seen steep declines. The Crypto Fear & Greed Index has slid deeper into the 'Fear' zone as investors reassess market conditions.

While the downturn has prompted caution, long-term bulls like Michael Saylor remain undeterred, continuing to accumulate Bitcoin. The key question now is whether the market can stabilise or if further downside is on the horizon.

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In the markets 

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🌦️The Data...

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🌍 Total crypto market cap ⬇️

The global cryptocurrency market capitalisation is currently approximately $2.96 trillion, showing a 6.20% decrease over the past 24 hours.

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🟠 Bitcoin (BTC) ⬇️

• Price: Currently trading at $90,687, reflecting a 5.3% decrease in the last 24 hours.
• Daily high: $96,110
• Daily low: $90,370 

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💎 Ethereum (ETH) ⬇️

• Price: Currently trading at $2,433, reflecting a 10.68% decrease in the last 24 hours.
• Daily high: $2,726
• Daily low: $2,420

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📈 S&P 500

The S&P 500 index is currently down by 0.5% from the previous close.

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😬 Fear & Greed Index

The Crypto Fear & Greed Index is currently at 29, signalling Fear among investors.

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📊 Bitcoin Relative Strength Index (RSI) (14)

The 14-day RSI for Bitcoin is at 21, indicating that the asset is oversold at this time.

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‍Post Script…

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.