Crypto Markets Today: Fear Grips Market as BTC Price Tests Support, Altcoins Weaken
Extreme fear grips the crypto market as Bitcoin tests support near $91,000, leading to over $1 billion in liquidations and significant altcoin declines.Summary
The cryptocurrency market is experiencing intense fear, with the Fear & Greed Index dropping to 15/100, the lowest since April. Bitcoin is hovering around $91,400, testing crucial support levels, with some analysts suggesting it might retest $87,500 to flush out remaining leverage before potentially moving higher. This sentiment has been accompanied by significant derivatives activity, including the liquidation of over $1 billion in leveraged futures positions, mostly long positions, and implied volatility hitting a six-week high. Options flow indicates a strengthening put bias. Altcoins have weakened substantially, with privacy tokens like Zcash and Dash seeing double-digit percentage drops, while the broader CoinDesk 10 index (excluding Bitcoin) fell 3.8% in 24 hours. Despite the widespread weakness, a few tokens tied to derivatives exchanges, like ASTER and HYPE, managed to post gains.
(Source：CoinDesk)