- The Crypto Fear and Greed Index declined to 5 for the second time this month, a level not seen since 2020.
- The selloff followed President Donald Trump’s plan to impose 15% tariffs on all goods entering the U.S.
- Liquidations reached $460 million, with $430 million coming from long positions.
Solana (SOL) and Ethereum (ETH) led losses on Sunday night after Bitcoin’s (BTC) price fell under $65,000, wiping out all gains it had seen over the past weekend and the Crypto Fear and Greed Index dropped back down to 5 – its second time this month.
Market sentiment around cryptocurrency has been drifting in the ‘Extreme Fear’ territory all through February, consistently below the 20-mark, according to data on alternative.me. The last time it was this low was during the 2020 COVID crypto crash, also known as “Black Thursday,” when Bitcoin’s price dropped over 50% over a couple of hours.
The overall cryptocurrency market dropped 4.3% in the last 24 hours, trying to keep above $2.3 trillion. According to CoinGlass data, liquidations surged to $460 million over the past day, with $430 million coming from long positions being wiped out.
Trump’s Tariff Announcement Rattles Markets
The risk-off sentiment follows President Donald Trump’s announcement that he would be implementing 15% tariffs on all goods coming into the U.S. after a Supreme Court ruling struck down his previous import taxes.
He initially said he would be putting a 10% tariff in place, but increased it to the “fully allowed, and legally tested, 15% level” in a Truth Social post on Saturday.
Ethereum Price Underperforms BTC
Bitcoin’s price fell nearly 5% in the last 24 hours to around an intra-day low of $64,300, according to Coinbase data. On Stocktwits, retail sentiment around the apex cryptocurrency came down to ‘bearish’ from ‘neutral’ over the past day.
Solana’s price plummeted over 8.5% in the 24 hours to around $77.60, followed by Ethereum’s price, which dropped over 5.5% to under $1,860. Retail sentiment around both the altcoins was treading in ‘extremely bearish’ territory on Stocktwits.
Ripple’s XRP (XRP) Binance Coin (BNB) and Cardano (ADA) also underperformed Bitcoin, falling 5.6% in the last 24 hours. Dogecoin (DOGE) was down 4.3% to around $0.093.
Read also: Bitdeer Liquidates All Its Bitcoin Stash Days After Announcing $43.7M Stock Sale
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