The crypto market flashes fresh signs of weakness as bull and bear clash over dominance. Investors have lost nearly $150 billion in the last few days, as the crypto market cap tumbled from $2.42 trillion to $2.28 trillion. Bitcoin and altcoins failed to sustain upside momentum and continue to fall amid a lack of trading volumes in spot and derivatives markets.
Has the market trend changed as crypto struggles to overcome macroeconomic concerns? The Crypto Fear & Greed Index revealed a shift in trend and sentiments since May 6. The index dropped from 71 to 64 in three days, with technical charts looking weak.
Crypto Market Selloff As Bitcoin Price Loses Momentum
Bitcoin price tumbled below $62,000 in US hours as traders booked profits or liquidated long positions. BTC price has dropped over 5% this week, with over 1% fall today, May 8. Trading volume has dipped further in the last 24 hours.
Bitcoin tumbled due to various reasons including hawkish remarks from Fed officials including
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