The cryptocurrency market has turned into an overall downward trend. After surpassing $90,000, Bitcoin failed to continue its upward trend and underwent adjustment, currently recording 132.27 million won. This is a decrease of approximately 0.74% compared to 24 hours ago. As a result, downward pressure has increased, with about $8 billion of the total market capitalization evaporating.
Bitcoin gave up the upward trend of the past few days and hit its lowest point on the 5th. In the derivatives market, large-scale liquidation of long positions occurred, with a total of $500 million worth of liquidation. The largest single liquidation occurred at Hyperliquid for approximately $8.5 million. The Fear & Greed Index, which indicates market sentiment, fell to ’25 (fear)’, reflecting the decline in investment sentiment.
Ethereum is currently at 4.48 million won, down about 2.01% from 24 hours ago. On a weekly basis, it showed a relatively small decline of less than 1%. The recent trend is relatively stable compared to Bitcoin, and is attracting attention as a risk avoidance tool for investors.
XRP recorded 2,994 won, down about 2.10% on a daily basis and about 7% on a weekly basis. Although no specific negative factors emerged, it is interpreted that it was influenced by the overall bearish trend in the market.
Solana (SOL) has suffered a significant decline along with high-beta coins such as Dogecoin (DOGE) and Cardano (ADA) and is currently trading at around 195,000 won. Daily losses reached up to 7%, which is seen as part of a broader sell-off in the market.
In terms of macroeconomics and liquidity, according to a Coinbase report, the Federal Reserve’s interest rate cut and end of quantitative tightening within the year are likely to have a positive impact on the cryptocurrency market. If the Fed shows a dovish turn, an environment could be created where risk asset preference can be reintroduced.
Meanwhile, the U.S. digital asset regulatory system is in transition. Congress is preparing bills to clarify the authority of the SEC and CFTC, and regulatory agencies are also predicting a more structured token classification system, so regulatory clarity is expected to be secured.
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