The cryptocurrency market has suffered a sharp decline

The cryptocurrency market continues to fall despite the growth of stock indices. Thus, Bitcoin BTC $98,226.29 Bitcoin 1.61% Market capitalization $1.95 trillion VOL. 24 hours $1.66 billion fell by 0.14% over the day, trading at $ 95,525, while Ethereum ETH $2,733.66 Bridged Ether (StarkGate) 0.89% Market capitalization $0.24 billion VOL. 24 hours $0.9 billion fell by 1.96% to $ 2,674, and Dogecoin DOGE $0.04 Department Of Government Efficiency -0.57% Market capitalization $35.37 million VOL. 24 hours $0.17 billion lost 2.19%, dropping to $ 0.2515.

The flagship of the crypto market updated the minimum of the two-week range during the day, reaching $ 93,388, and the industry itself recorded massive liquidations of positions worth $ 344.95 million. Of this amount, more than $ 278 million came from traders who were betting on growth. The Fear and Greed Index returned to the Fear zone, which could lead to increased short positions.

Despite the general decline, Santiment analysts believe that the decline in Ethereum fees is a positive signal for the medium- and long-term price dynamics. Low transaction costs can encourage users to return and increase activity on the network.

On the contrary, stock markets are showing positive dynamics. The S&P 500 rose by 0.24%, updating its all-time high of 6,129 points, and the Nasdaq rose by 0.07% to 20,041 points. Investors are focused on the publication of the Fed meeting minutes, which will help assess the regulator’s future interest rate policy.

At the same time, cryptocurrency analyst Ali Martinez noted that the nearest resistance level for Bitcoin is $ 97,000, where 1.88 million BTC are located, while support at $ 94,500 looks weaker (695,000 BTC). This may affect further price movements in the coming days