Crypto Market Crash TodayOverviewCrypto markets are bleeding seriously as Bitcoin and top altcoins sink immensely. The market capitalization bleeds more than 2% in the last 24 hours.
Key Factors- Risk-Off Sentiment: The investors are embracing a risk-off sentiment, moving away from risky assets.
- Stock Market Weakness: The crypto crash coincides with stock market weakness, noting that the Nasdaq 100 Index has fallen by 500 points.
- Bond Yields: The 10-year yield rose to 4.20%, while the 22-year yield spiked to 3.53%.
The Price of Bitcoin-Current Price: Bitcoin price retreated from $94,000 to $90,000.
- Risky Patterns: Bitcoin formed a death cross pattern, a bearish flag pattern, and was trading below the Supertrend and all the moving averages. Potential Downside: A possible downside towards $75,000 would trigger more weakness in the crypto market. Crypto Futures- Open Interest: Crypto futures open interest was down more than 1.34% over the past 4 hours at $133 million. - Volume: Volume sank by 15% to $200 billion, reflecting weak demand in the crypto market.
