Baku: Major cryptocurrency indices continued to decline over the past 24 hours. The price of Bitcoin fell by 2.4% over the last 24 hours to $62,725 on the CoinMarketCap platform. The world’s largest cryptocurrency has lost 14.4% of its value over the past week.
According to Azeri-Press News Agency, the price of Ethereum, the second-largest cryptocurrency by market capitalization, dropped by 4.1% to $1,732. Over the past seven days, the asset has declined by 13.4%. Negative dynamics were also observed among other major cryptocurrencies. BNB fell by 3.6% to $596, Monero declined by 8% to $334, while Bitcoin Cash dropped by 3% to $240.
The total capitalization of the global cryptocurrency market decreased by 3.2% over the past 24 hours to $2.17 trillion. The CoinMarketCap 20 Index (CMC20) also fell by 3.5% to 128.1 points. The Fear and Greed Index, which measures investor sentiment in the market, currently stands at 18 points, indicating a level of “extreme fear.”
Analysts attribute the increased selling pressure to a stronger shift away from risk assets, profit-taking by investors, and growing risk aversion in global financial markets amid ongoing geopolitical tensions in the Middle East.