‘Extreme Fear’ Crypto Crash Suddenly Wipes $200 Billion From The Price Of Bitcoin, Ethereum, BNB, XRP, Luna, Solana, Cardano And Avalanche

May 9, 2022

Michael Saylor is overjoyed with the FASB's decision to revisit crypto accounting standards.

 

‘Extreme Fear’ Crypto Crash Suddenly Wipes $200 Billion From The Price Of Bitcoin, Ethereum, BNB, XRP, Luna, Solana, Cardano, And Avalanche. Bitcoin BTC -3.1 percent, Ethereum, and different foremost cryptocurrencies have plummeted, wiping out about $2 hundred billion from the crypto marketplace in only some days (even though a few worry the bitcoin fee may want to fall a long way further). The bitcoin fee has plunged below $35,000, its lowest stage seeing that July of the closing year, as investors are gripped by “severe panic” withinside the aftermath of the Federal Reserve’s biggest hobby fee upward thrust in years. Ethereum and the relaxation of the pinnacle 10 cryptocurrencies BNB BNB -4.6 percent, XRP XRP -4.nine percent, luna, Solana, Cardano, and avalanche also are below pressure, with marketplace sentiment plummeting to degrees now no longer visible seeing that January.

The Bitcoin Fear and Green Index, which aggregates data from social media postings, polls, volatility, and trading volume, has seen a dramatic drop in market mood as a result of this week’s bitcoin and cryptocurrency plunge. The index has now dropped into the “severe fear” zone, continuing its downward trend that began in April. Stock markets have additionally fallen this week, with the Nasdaq posting its worst weekly dropping streak on account that 2012. “The correlation among cryptocurrency and equities has been pretty considerably mentioned after bitcoin and the tech-heavy Nasdaq displayed a better fantastic correlation than became to start with expected,” Tammy Da Costa, an analyst at DailyFX, wrote in emailed comments, noting that predictions made previous to Russia’s struggle are in Ukraine had been made beneath neath the belief that when hobby prices started to rise, deliver and call for might meet.

Smaller cryptocurrencies that have outperformed bitcoin and Ethereum in the latest months have suffered the maximum all through this new slump. “The destiny of person currencies or tokens stays uncertain,” Da Costa noted. “The regulation stays in the rate of such solicitations and the consent of social media giants like Elon Musk.”

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