The cryptocurrency market has been affected by the looming recession with a nearly 8% drop in total market cap, reflecting traditional stock market declines. The NASDAQ and S&P 500 experienced severe single-day reductions, impacting investor sentiment.
Over 500 million USD in liquidations occurred within 24 hours, indicating heightened anxiety among traders. The Fear and Greed Index shows indicative signs of deeper market fears, prompting investors to tread cautiously as the connection between crypto and traditional financial markets becomes clearer.
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