**Crypto Market Suffers $1 Billion Sell-Off, Bitcoin Falls to Two-Month Low**
Bitcoin and other top crypto tokens experienced a deep sell-off on Friday, leading to a sudden liquidation that resulted in a $1 billion loss for digital-asset markets. This sell-off marked one of the worst of the year, and bitcoin’s price fell to a two-month low. The trading volumes of the crypto market also spiked suddenly.
### Bitcoin and Other Major Tokens Plunge
The largest crypto tokens, including Bitcoin and Ethereum, were under heavy selling pressure as they dropped significantly in value. Bitcoin saw an 8% decrease, slipping below the $26,500 mark, while Ethereum plunged 7% to barely hold the $1,675 level. The pain was also intense for altcoins, with many tokens bleeding up to 18%.
### Fear and Greed Index Plunges
The mass sell-off in the crypto market led to a plunge in the crypto fear and greed index, which dropped 13 points and entered the fear zone for the first time in over 5 months with a score of 37/100. Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, noted that the recent ruling in favor of Ripple Labs and reports of a potential devaluation of the Chinese Yuan contributed to the negative market sentiment.
### Global Crypto Market Cap Falls
All other major crypto tokens suffered losses, with XRP plunging 17%, Litecoin tumbling 14%, and Shiba Inu and Dogecoin posting double-digit cuts of up to 12%. The global cryptocurrency market cap fell to $1.06 trillion, marking a 7% decrease in the last 24 hours, while trading volumes surged almost 77% to $65.1 billion.
### Impact on Bitcoin’s Price and Market Sentiments
Bitcoin’s price experienced a sharp decline following negative sentiments in the market, falling to two-month lows near $25,200. However, the price quickly regained some value and is currently trading at $26,500. Analysts from the Giottus Crypto Platform noted that if there is any upside momentum, additional gains could drive the price towards the resistance levels of $27,000 and $27,750. However, Bitcoin’s RSI indicates that the asset has officially entered bearish territory.
### Major Levels and Recommendations
Support levels for Bitcoin were identified at $26,500 and $26,125, while resistance levels were at $27,200, $27,750, and $28,200. It is recommended that individuals consult their financial adviser before taking any position in the mentioned assets.
In conclusion, the crypto market experienced significant turmoil, which led to a massive sell-off and a sharp decrease in Bitcoin’s price. The market sentiment turned negative due to various factors, including the legal battle involving Ripple Labs and concerns about the devaluation of the Chinese Yuan. As the market continues to fluctuate, investors should exercise caution and seek professional advice.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
