On the night of October 2, 2024, there was a significant drawdown in the cryptoasset market. Bitcoin immediately dropped to $60,164, Ethereum to $2,414, after which both positions partially recovered.
Bitcoin is trading at $61,568 at the time of writing. The drawdown on the daily chart is more than 4%, according to TradingView:
Bitcoin’s dominance level has also fallen. At the moment it dropped to 57.46%, after which it also partially recovered.
Bitcoin dominance in the crypto-asset market. Source: TradingView.
Ethereum is trading at $2,478 at the time of writing. The drawdown on the daily chart is 4.3%, according to TradingView:
Among the largest crypto assets in terms of capitalization, only stablecoins – USDT and USDC – showed positive dynamics. DOGE dropped the most – more than 9%:
Against the backdrop of the drawdown, the volume of liquidations on futures contracts increased. It exceeds $500 million with a significant bias in favor of long positions.
The fear and greed index fell eight basis points over the past 24 hours. He points to the dominance of fear in investor sentiment:
One of the likely reasons for the drawdown is increased tension in the Middle East. This macro factor could impact high-risk assets, including stocks. In particular, the S&P 500 index fell by 0.9% per day, according to TradingView.
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Source: Cryptocurrency
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