Red wave.. Cryptocurrencies lose $280 billion in hours
The wave of losses that hit the cryptocurrency market in early trading on Wednesday widened to lose more than $280 billion in a few hours, with a sharp shift in traders' risk appetite after data was released that strengthened the US dollar and dashed hopes of an imminent interest rate cut.
Meanwhile, the cryptocurrency market lost nearly 3% of its market value, which by 4:00 am GMT today, recorded levels of $3.36 trillion
Fear and Greed
Data from the Crypto Fear & Greed Index, which measures traders' psychology and risk appetite, showed a sharp decline of about 8 points in the past 24 hours.
The Fear and Greed Index fell from the extreme greed (greed) zone, where it was hovering near 78 points, to greed levels at 70 points.
This came after the top 10 cryptocurrencies by market capitalization suffered massive losses ranging from 5% to 12%, collectively losing nearly $250 billion, while the market as a whole lost more than $280 billion.