Yahya 
Analysts include BitMEX co-founder Arthur Hayes, who anticipates additional drops, said the crypto market sunk into “extreme fear,” after Bitcoin’s short fall below $56,000. On a 0 to 100 scale, the Crypto worry & Greed Index came out as 22 on Sept. 6, signifying “extreme fear.” From yesterday’s score of 29, which stood for “fear,” this is a significant decline.
The index dipped last time this low on Aug. 8 when it reached 20. With a 25, the index is also the first to have lately reached the “extreme fear” zone since Aug. 12. The new concern of the market corresponds with the 1.3% decline in Bitcoin over the last 24 hours, thereby reducing it to $56,400. This drop in market value of Bitcoin by $29.7 billion
Hayes remained hopeless even if Bitcoin had somewhat rebounded to trade at $56,533. “BTC is heavy,” Hayes said in a Sept. 6 post on X, then adding, “I am shooting for below $50K this weekend. I choose a cheeky fast cut. He predicts Bitcoin to drop even further another 12% in the following days to get below $50,000.
The decline in Bitcoin follows September 5 U.S. employment numbers falling short of projections. This has raised further doubts about the future interest rate behavior of the Federal Reserve, therefore influencing the degree of market uncertainty.
Many other large currencies fell with Bitcoin as well. ETH down 2.23%; Solana (SOL) plummeted 2.82%; XRP lost 2.19%. Long positions leading the way, the market recorded $94.26 million in liquidations overall over the last 24 hours. Over 40% of the overall liquidations were Bitcoin long bets valued at $36.71 million; ETH long sales were $17.36 million.
As the market attitude remains negative, traders and investors are getting ready for further turbulence even some experts predict more negative for Bitcoin in the near future.
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