Crypto Sector Plunges as Extreme Fear Leads to Massive Price Declines

The crypto market is witnessing an increasing bearish pressure amid a broader decline. Hence, the cumulative crypto market capitalization has reached $2.23T after a 7.74% dip. However, the 24-hour crypto volume has recorded a 68.23% rise, hitting the $306.2B mark. At the same time, the Crypto Fear & Greed Index has reached near the bottom at 5 points, expressing “Extreme Fear” among the community amid the aggressive sell-offs.

Bitcoin ($BTC) Drops 7.80%, and Ethereum ($ETH) Sees 8.84% Slump

The top crypto assets have gone through a massive blow with Bitcoin ($BTC) shedding a huge 7.80% over the past 24 hours. So, its current price is below $70K, at $65,70.19, while its market dominance stands at 58.7%. In addition to this, the leading altcoin, Ethereum ($ETH), is 8.84% down at $1,910.20. In the meantime, the market dominance of $ETH is hovering around 10.4%.

$DOGS, $MUBARAK, and $HBTC Lead Crypto Gainers of Day

Apart from that, the list of today’s top crypto gainers includes HARRIS DOGS ($DOGS), Mubarak ($MUBARAK), and Hold BTC ($HBTC). Particularly, $DOGS has jumped by a 470.46% to reach $0.08540. Following that $MUBARAK’s rice is $0.0166 after a 449.51% rise. Subsequently, $HBTC is sitting at $0.000002827, led by a 430.57% increase.

DeFi TVL Plunges by 7.35% and NFT Sales Volume Records 3.45% Decrease

Simultaneously, the DeFi TVL has dropped by 7.35%, touching the $93.463B spot. Additionally, the top DeFi project, Aave, has lost 6.14%, attaining the $27.031B mark. Nevertheless, when it comes to 1-day TVL change, Polkaswap is the top DeFi player, accounting for a stunning 126465% spike over the past twenty-four hours.

However, the NFT sales volume represents a 3.45% decrease to $10,176,632. Even then, the top-selling NFT collection, CryptoPunks, has surged by a staggering 3197.79% to hit $1,986,886.

Tether Invests $150M in Gold.com and Maerki Bauman Gets Crypto Banking License in Abu Dhabi

Concurrently, several other key developments have also taken place in the market over the past 24 hours. Thus, Tether has invested up to $150M in Gold.com to increase worldwide access to physical and tokenized gold.

Moreover, the Swiss private banking platform, Maerki Baumann, has obtained a license in Abu Dhabi for crypto banking services. Furthermore, Senator Cynthia Lummis has urged banking entities to enter the stablecoin market amid the stalemate of the CLARITY Act.