📉 The cryptocurrency market is declining due to geopolitical tensions
📊 The global cryptocurrency market has fallen below the $3 trillion mark for the first time this year, losing nearly 3% as investors sought safety in gold.
🛡 Concerns over a potential trade war between the USA and Canada, as well as fears of a new US government shutdown, have reduced risk appetite in the sector.
💰 Bitcoin (
$BTC ) dropped by 3% to an internal low of $86,126 before stabilizing at $87,700, while Ethereum (
$ETH ) also experienced a 3% decline, trading around $2,850.
📉 The cryptocurrency fear and greed index fell to 20, indicating extreme fear among investors for six consecutive days.
⚙️ This decline led to liquidations of $605 million, with Bitcoin futures accounting for $179.8 million and Ether futures for $203.6 million.
📅 Investors are cautious as they recall the volatility during last year's trade war between the USA and China, which led to significant drops in Bitcoin's value.
🏛 The potential US government shutdown, which is currently more than 76% likely, further exacerbates market fears, reminding investors of the previous shutdown's impact on Bitcoin prices.
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