The Crypto Fear and Greed Index has dropped to a level of "fear" not seen since March 11th, following the SEC's lawsuit against Binance and its affiliates for operating illegally in the US. The index measures market sentiment towards Bitcoin and the wider crypto market by combining various indicators such as price volatility, momentum, trading volume, and social media and Google trends.
The negative sentiment has resulted in a plunge in the value of cryptocurrencies, with blue-chip assets like Bitcoin and Ethereum down 4.1% and 3.1% respectively in the last 24 hours. Traders with open long positions suffered the most, accounting for 92% of the overall liquidations.
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