Bitcoin price drops below $65,000

The decline in the cryptocurrency market is deepening, with the “fear” index falling to 14 points.

Selling pressure in the cryptocurrency market continues. According to the data, the global cryptocurrency market capitalization decreased by 4.33% over the past 24 hours, dropping to $2.23 trillion.

The price of Bitcoin, the market’s leading asset, fell by 4.61% to $64,849. Ethereum also lost 5.72% in value, settling at $1,860.

Declines were also recorded among other major altcoins. BNB dropped by 5.40% to $587, Bitcoin Cash fell by 5.04% to $539, Monero decreased by 4.11% to $310, Zcash declined by 6.96% to $238, and Bittensor (TAO) fell by 7.07% to $165.

The CMC20 index, which reflects the overall market dynamics, also declined by 4.91% to 133.15 points.

At the same time, the Fear & Greed Index, which measures investor sentiment, stood at 14 points, indicating that the market remains in a phase of extreme “fear.”

Meanwhile, gains have been observed in gold-backed tokens. PAX Gold (PAXG) and Tether Gold (XAUt) increased by 0.96% and 0.99%, respectively. This trend suggests that investors are shifting away from riskier assets toward more stable instruments.

Analysts believe that amid the current downturn, short-term volatility in the market will remain high.