Ethena (ENA) Price Forecast Amid Rising Crypto Market Fears

Ethena (ENA) has experienced a sharp decline this week, driven by heightened fear across the cryptocurrency market.

Over the past eight days, Ethena has recorded consecutive losses, marking the longest losing streak in its history. On Tuesday, the price plummeted to $0.07400, the lowest level since May 20th, resulting in a loss of more than 50% from its peak value earlier this year.

The broader cryptocurrency market is also facing turbulence. Ethena is not alone in this downturn; major cryptocurrencies have also seen significant declines. Bitcoin, the world's largest cryptocurrency, has dropped from a high of nearly $72,000 earlier this month to $67,000. Ethereum, another major player, has fallen to $3,500. The total market capitalization of all digital assets has decreased to $2.4 trillion.

This widespread retreat has impacted the Crypto Fear and Greed Index, which measures market sentiment. The index has slipped from a high of 64 earlier this week to 60, indicating a shift towards the "greed" zone, as investor confidence wavers.