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The crash has hit the entire market hard
As usual during market turmoil, we see increased correlations between the different cryptocurrencies. Bitcoin has decreased 29% in June, while the Large, Mid and Small Cap indexes are down between 32% and 33%.Preview
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The crypto market hasn’t been more fearful since March 2020
The Fear and Greed Index is currently at 8 and hasn’t been lower since March 2020. Today marks the crypto market’s 56th day in the extremely fearful territory, which is the longest in the index’s history. Market participants are undoubtedly tired of the fearfulness, and many are capitulating. Historically, buying has been a profitable strategy in such fearful times. Still, it’s not easy to catch a falling knife.Preview
Activity surging in the bitcoin spot market
On Monday, $15.7 billion worth of bitcoin changed hands in the spot market, the highest daily spot volume since December 2021. As the Fear and Greed Index signaled ‘extreme fear’ for 56 straight days, the market turmoil on Monday was the drop leading many tired market participants to flood the spot market with bitcoin sell orders.Preview
Bitcoin’s biggest daily price drop since March 2020
The bitcoin price dropped 15% on Monday – the biggest daily price drop since the covid crash on March 12th, 2020. Volatility has been low lately, and this massive decline should be a reminder of bitcoin’s inherent volatility. After this movement, the 7-day volatility is 5.1%, higher than average.Preview