Bitcoin drops to $60K as crypto fear index hits 2022 lows
Crypto market sentiment fell to its weakest level in more than three and a half years as Bitcoin dropped to around $60,000. The Crypto Fear & Greed Index declined to 9 out of 100 on Friday, signaling “extreme fear” and marking its lowest reading since June 2022, when the Terra blockchain collapse weighed on prices and sentiment.
Sentiment has remained depressed for the past two weeks as Bitcoin (BTC) has slid 38% from its 2026 high of $97,000 in just three weeks, erasing gains accumulated over the previous sixteen months. The Crypto Fear & Greed Index hit a score of 9 out of 100 on Friday as Bitcoin continued to slide.
Bitcoin drops to $60,000 on Coinbase
Bitcoin fell to its lowest level since October 2024, touching a little over $60,000 on Coinbase during early Friday trading, according to TradingView. It was last changing hands just above $64,000 after a 13% decline over the past 24 hours, shedding more than $10,000 in its largest one-day loss since mid-2022.
The asset has dropped below the 200-week exponential moving average, a long-term trend gauge that has historically been breached only during deep bear markets. Bitcoin is now 50% below its all-time high of $126,000 set in early October.
Over the last 24 hours, more than 588,000 traders were liquidated for a total of $2.7 billion, with 85% of the positions being leveraged longs, predominantly in Bitcoin, according to CoinGlass.
Tech selloff and Fed caution cited in the decline
Jeff Ko, chief analyst at CoinEx Research, said Bitcoin’s weekly drawdown of more than 20% coincided with a broader selloff in U.S. technology shares, where “stretched valuations and lingering concerns around an artificial intelligence-driven bubble have long been highlighted by the market.” He added that “even Amazon suffered a double-digit decline overnight following a mixed earnings release,” and noted that investors are increasingly reassessing Bitcoin’s role as a safe haven relative to gold.
LVRG Research director Nick Ruck said Bitcoin’s drop and the broader market pullback reflect “heightened risk aversion” prompted by “softer US job market signals, including rising unemployment claims that raise doubts about sustained economic strength and potential Fed caution on aggressive rate cuts.”
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