The current sentiment in the crypto market has fallen to 'extreme fear,' as indicated by Bitcoin's recent drop below $56,000. Arthur Hayes predicts that Bitcoin could potentially fall below $50,000 over the weekend.
Bitcoin's value decreased by 2.7% over the past 24 hours, resulting in a $29.7 billion reduction in its market cap. This decline is consistent with price drops seen in other major cryptocurrencies.
Furthermore, there were $94.26 million in liquidations, primarily stemming from long positions. The trend signifies a widespread market decline, affecting many investors and raising concerns about future stability.
