FINANCIAL markets experienced significant losses yesterday, marking their worst performance since 2022, following disappointing results from major tech companies.
The S&P 500 dropped more than 2% overnight, with cryptocurrency markets facing even steeper declines. The CoinDesk Large Cap Select Index, a benchmark for large-cap crypto performance, is down 4% for the day.
Bitcoin is currently trading around $64,000, showing a decline of more than 3%, while Ethereum has seen a more pronounced sell-off, with prices dropping 8% in the last 24 hours.
The downturn is particularly severe in alt-coin markets, with most market indicators signalling strong selling pressure today.
This correction appears to be widespread across both traditional and crypto markets, suggesting a broader shift in investor sentiment.
$2.31 trillion (-3.82%)
Daily high $67,072 | Daily low $65,155
$1.26 trillion (-3.29%)
$34.4 billion (+4.29%)
-4.2%
The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies and gives a general indication of the overall performance of the crypto market.
-2.31%
59 (Greed)
The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.
55.93
The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.
30
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.
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.