Bitcoin Crashes to $60K as Sentiment Hits 2022 Lows
Reporting by Cointelegraph says crypto market sentiment has slumped to its lowest level in over three and a half years, with the Crypto Fear & Greed Index falling to 9 out of 100 and indicating 'extreme fear'. The index hit its lowest point since June 2022, when sentiment and the market fell in the wake of the collapse of the Terra blockchain a month earlier.
Bitcoin fell to a little over $60,000 on Coinbase in early trading on Friday and was trading just over $64,000 after dumping 13% over the past 24 hours, its largest daily loss since mid-2022. The cryptocurrency has tanked 38% from its 2026 high of $97,000 in three weeks, wiping out gains of the past sixteen months, and has collapsed below the 200-week exponential moving average, sitting about 50% down from its all-time high of $126,000 in early October.
Over the past 24 hours more than 588,000 traders were liquidated for $2.7 billion, 85% of them leveraged longs predominantly in Bitcoin, according to CoinGlass.