Peak fearfulness in the markets

The bitcoin price fell 13% over the past seven days, finishing its seventh straight red week for the first time in its existence, as the state of extreme fear persists

ETH and BNB remain highly correlated with bitcoin and are down 18% and 20% over the past seven days.

The crypto market is currently in a state of extreme fear, both caused by the UST de-pegging, as well as fear spillover from the broad financial markets, with bitcoin’s correlation with the S&P 500 sitting close to all-time highs.

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