The crypto market’s Fear & Greed Index flipped sharply to “fear” this week, falling to levels last seen in April, as a market sell-off erased over $230 billion in a single day.
On Friday, CoinMarketCap’s Crypto Fear & Greed Index, which tracks volatility, market momentum, social media trends and dominance metrics, fell to a low of 28, which is within the “fear” category and is inching closer to “extreme fear.”
CoinMarketCap data showed that on Friday, the total crypto market capitalization dropped to about $3.54 trillion, a 6% drop from $3.78 trillion the previous day. This wiped out over $230 billion in value from the sector, marking one of the sharpest single-day declines in months.
The Fear & Greed Index for traditional assets also fell to 22, signaling extreme fear in the market, following US stocks closing lower on Thursday as the credit market turmoil, regional banks’ exposure to bad loans and US-China trade tensions spread jitters on Wall Street.
Crypto Fear & Greed Index chart. Source: CoinMarketCap
Top crypto assets continue to bleed
Data shows that major crypto assets extended their declines in the last 24 hours as the broader market correction deepened.
Bitcoin (BTC) fell nearly 6% to about $105,000, while Ether (ETH) dropped almost 8% to about $3,700. Among large-cap altcoins, BNB (BNB) led losses with a nearly 12% decline, followed by Chainlink (LINK) with an 11% drop and Cardano (ADA), which dropped 9%.
Solana (SOL) and XRP (XRP) also tumbled by over 7%, extending a week-long decline that erased double-digit gains accumulated earlier this month.
On average, the largest non-stablecoin crypto assets declined by about 8%–9% over the last 24 hours.
Crypto market cap and volume. Source: CoinMarketCap
While last week’s market crash led to nearly $20 billion in liquidations, this week’s downturn saw significantly lower activity.
On Friday, data from CoinGlass showed that about $556 million worth of leveraged positions were wiped out across exchanges, a tiny fraction of last…
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