Morning Minute: Bitcoin Breaks Below $95K

Bitcoin has fallen below $95,000 for the third time this month, leading to significant declines in the broader crypto market. The price drop of 8% in a single day marks a 24% decrease since its peak of $126,200 just five weeks ago. Overall market sentiment is fragile, as the Crypto Fear & Greed index reflects extreme fear, the lowest these sentiment levels have been since 2022. With massive outflows from Bitcoin ETFs, coupled with a decline in both retail and institutional demand, some analysts speculate that the bear market may have officially begun. Significant liquidations occurred as over $1.24 billion of crypto long positions were wiped out amidst this downturn. Despite the current bearish sentiment, some remain optimistic about the macroeconomic backdrop, citing potential monetary easing and ongoing institutional adoption of cryptocurrency.

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