The crypto market saw a drastic crash today as Bitcoin is down close to -15% in the last 7-days. Bitcoin plunged to $33,000 and the leading crypto is headed further towards the south. The overall market is trading in deep red with fears of another drastic slump on the cards. Many cryptos have fallen double digits today reaching new monthly lows and might take months to recover. Even Ethereum slipped close to -8% today and is shedding all profits it generated last year.
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Crypto Crash: Bitcoin, Ethereum & All Bleed
For the first time this year, Bitcoin is down more than -50% from its all time high of $69,000, which it reached in November last year. BTC is currently down -52.1% from its ATH and warning bells of further dips are ringing in the crypto sphere.
On the other hand, Ethereum is down -51.0% from its all time high of $4,878 it reached in November last year. Both Bitcoin and Ethereum are close to falling at double digits wiping all profits it generated this year.
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Moreover, the ‘fear and greed index’ points at ‘Extreme Fear’ in the market at 11%. A fast recovery is nowhere on the horizon and might take weeks or months to reach its previous numbers. Also, almost every crypto investor, be it retail or institutional, is facing severe losses today due to the extreme crash.
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The crypto market has been on the back foot since the start of the year and had no instance of a bull run. The market mostly traded in the red, sideways, or saw a crash, with only a few days that were green.
Even stock markets around the world opened in red today and dropped drastically in numbers. There are fears that the market has not bottomed out yet and many more dips are on the corner.
At press time, Bitcoin was trading at $32,949 and is down -5.3% in the 24-hours day trade. On the other hand, Ethereum is trading at $2,388.12 and is down -7.2% in the day’s trade. Also, most of the top cryptos are also down more than -50% from their all-time highs.