The crypto market has now been put under another challenge. In the past day, bitcoin prices have dropped about $2,000, which has seen the crypto market lose a significant amount of value. As it now stands, the crypto market cap is down more than $100 billion and is now dangerously close to falling below $1 trillion once more. This has expectedly affected the market sentiment, triggering more fear in the market. Market Turns To Fear The crypto market had been seeing some recovery with the anticipation around the Ethereum Merge. But as the excitement has worn off, the market has started to see a drastic correction in price. Bitcoin had hit $25,000 at its peak this last recovery cycle. However, it has since shed the majority of those gains. Related Reading: Bitcoin Price Must Clear This Level If It Wants To See $28,000 With this, the crypto market sentiment recovered for a time after bitcoin began its rally. At its highest point, the Fear & Greed Index has a score of 42, the highest point in four months. This put it as close to greed as it has been, but the market had other ideas. The price of bitcoin had retraced back below $22,000, and with it, the market sentiment had declined. It closed Thursday with a low score of 30, which put it firmly back in the fear territory. The retracement is reflected in the crypto market, falling from $1.1 trillion to about $1 trillion at the time of this writing. Crypto market cap losses $100 ...
