The crypto market fell 4.62% over 24 hours to $2.21 trillion on Saturday, as tighter financial conditions pushed investors away from risk assets.
Bitcoin dropped 5.03% to $65,139.39 and was down nearly 14% for the week. Ether lost 5.5% to $1,817.97. Among major altcoins, Solana slid 9.08% to $72.28, BNB fell 7.06% to $585.70 and XRP dropped 5.98% to $0.9549, slipping below the $0.99 support level traders had marked as critical.
Fear gauge signals extreme fear
The Fear and Greed Index sank to 15, a reading that signals extreme fear.
Pressure comes from outside crypto
The main pressure is coming from outside crypto. The US dollar index climbed to a 19-month high, while the 10-year Treasury yield reached 5.10% earlier in the week.
Crypto is also moving closely with the S&P 500, with a 75% short-term correlation.
ETF outflows and liquidations add to decline
Spot Bitcoin ETF outflows and forced selling added to the drop. In 24 hours, $340.06 million in Bitcoin long positions were liquidated, and open interest fell about 8%.
Market cap level in focus
The $2.20 trillion market cap level is now key. A break below could deepen the selloff, while holding it may allow selling to ease.
