Fear returns to the crypto market as $230B vanishes overnight

The cryptocurrency market experienced a sharp sell-off, causing the total market capitalization to drop by $230 billion in a single day to about $3.54 trillion, leading the CoinMarketCap Crypto Fear & Greed Index to fall into the "fear" territory at 28. This decline mirrored broader market jitters, as the traditional asset index also signaled "extreme fear" due to concerns over credit market turmoil and trade tensions. Major cryptocurrencies saw significant drops, with Bitcoin falling nearly 6% to around $105,000 and Ether dropping nearly 8% to about $3,700; BNB, Chainlink, and Cardano also experienced double-digit percentage losses. In contrast to the previous week's major crash, liquidations were minimal, totaling only about $556 million. The downturn also impacted other crypto sectors, with memecoins dropping 33% in 24 hours and the NFT sector valuation falling below $5 billion, while spot Bitcoin and Ether ETFs recorded substantial net outflows.

(Source：Cointelegraph)