Bitcoin prices fell 9% in the last 24 hours, according to CoinMarketCap’s data. After causing panic in the market by dipping below $70,000 yesterday, its lowest value since November 2024, Bitcoin prices continued to decline dramatically, reaching $60,000 this morning.
This means Bitcoin's value has fallen 52.2% from its all-time high of $126,000, which it achieved in October 2025.
This sharp price decline is accompanied by extremely pessimistic cryptocurrency sentiment. The Crypto Greed and Fear Index shows market sentiment at 9, indicating the crypto market is in a state of extreme fear.
This is the lowest sentiment level since 2022, when Terra Luna collapsed in mid-2022 and triggered massive crypto sell-offs.
Terra Luna is a crypto ecosystem centered on an algorithmic stablecoin pegged to the US dollar. However, when Terra Luna lost its fiat peg, the failure of this ecosystem led to the collapse of various other crypto institutions on a massive scale.
Also Read: What is a Stablecoin? Definition, Types, How It Works, and Examples
Decrypt reports other factors driving weak market sentiment, including uncertainty over US Federal Reserve policy and geopolitical tensions.
These macroeconomic factors are driving the decline in crypto values, proving that crypto trading is strongly correlated with stocks and monetary policy signals.
