The crypto market is currently grappling with a significant downturn, sending ripples of uncertainty across the board – Bitcoin, Ethereum, and Ripple (XRP), among other major digital assets, have experienced a steep tumble, defying the transient optimism spurred by the approval of spot Bitcoin ETFs.
After its short-lived rally, Bitcoin plunged to its lowest in a month at $40,800 as its long positions worth around $68 million were liquidated during the last 24 hours. Though the original cryptocurrency has made a slight recovery since, it still trades below $42,000 – the price level it has been consolidating around post-ETF announcement. Ethereum isn’t faring much better, with its value sliding below the $2,500 mark. The broader market mirrors this trend, with a near 2% drop in total cap, leading to a collective worth of $1.64 trillion. Amidst this turbulence, the fear and greed index reflects a cautious sentiment, scoring a moderate 56 and suggesting that investors are treading wari
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