A drop in the cryptocurrency market, coinciding with a sudden shift in the sentiments of traders
All of a sudden, as everyone was poised to return to the upward trend after the improvement in the psyche of traders about the appetite for risk to digital currencies.
The digital currency market is back on record for a massive wave of mass currency retreats, all of which have fallen again, starting with bitcoin.
Traders' fear and greed index rises
The decline in the crypto market coincided with a sudden shift in the sentiments of traders, who once again fell into the trap of intense fear in anticipation of a rapid decline in prices, according to the investing platform.
The fear and greed index fell in a few hours by more than 9 degrees to levels of 20 to plunge back into the area of extreme fear.
The index of fear and greed, which measures tradesmen's feelings and expectations about price trends, improved clearly yesterday, Sunday, when it rose to the area of fear.
During yesterday's dealings Sunday, the Fear and Greed Index rose to the fear zone, recording the 29 levels, which are the highest on the index since the beginning of the year.
The market value of digital currencies in the last few hours has fallen to $1680 billion in the range of $80 billion.
During those moments, all of uni-Korn's millionth coins fell, with few exceptions at marginal altitudes that evaporated at moments while neutralizing stable currency growth.
Bitcoin and other currencies declining
Bitcoin has fallen again below the $38,000 levels but is still holding close to it after falling by about 4% near the $37,000 levels.
Ethereum ETH/USD fell within 5% down to $ 2.5 000 levels while rising within a week in the range of 4% while declining during January in the range of 33%.
Benance Queen BNB/USD fell within 5% down to $370 levels while falling within 30% during the close-to-end January dealings.
Cardano went down 5% during those moments of today's Monday dealings while falling in the range of 23% during January and trading at dollar levels.
Solana dropped 8%, the Ribble fell 6%, Doug Queen fell 5% and Terra LUNA/USD 13% while Polka Dot, Avalanche, Polygon MATIC/USD and Sheba SHIB/USD declined more than 8.
Expert predictions about cryptocurrency
Hours ago, renowned cryptocurrency expert Plane Bey said that the digital currency market appears to have not yet settled on a specific trend, noting that the relative power index is still in a swing.
Blane Bey added that the market might be falling, but those declines would often not be severe.
While cryptocurrency analyst Rackett Capital indicated that bitcoin is now testing better weekly and monthly closure.
Rackett added that bitcoin faces a resistance zone at $38.5 thousand levels and needs to close near those levels to confirm the upward trend.
This comes in light of the anticipation of many citizens and economic experts around the world, the Federal Reserve’s decision, which is preparing to raise interest rates, which may have multiple repercussions and results, the most important of which is raising borrowing costs during 2022, and thus negatively affects the prices of cryptocurrencies, including the most popular currency. Bitcoin currency.