Risk-Off Mode ON: Crypto Assets Hit by Global Panic Selling
The cryptocurrency market slumped sharply on Friday, amid a massive sell-off in risky assets. Bitcoin traded in the $80,000–$88,000 range, with daily declines of around 3–9%, losing a significant portion of the gains it made after hitting a record high above $120,000 last October. The global crypto market capitalization also fell by around 7–8%, returning to just below $3 trillion.
Ethereum also faced pressure, trading around $2,700–2,800 after dropping around 8% in the past 24 hours and continuing its downward trend of the past few days. Several major altcoins, such as XRP, ADA, and BNB, also recorded double-digit declines for the week, while market sentiment indices shifted into the "Extreme Fear" zone and crypto ETFs began to show outflows.
Selling pressure in crypto coincided with turmoil in global stock markets and a sharp correction in the technology sector, triggering a shift in funds to perceived safer assets. Uncertainty over the direction of the Fed's interest rate policy, high bond yields, and concerns about valuation bubbles in AI-based stocks prompted investors to reduce exposure to high-risk assets like crypto, opting to wait for further clarity on economic data.
Source: Newsmaker.id
