Daily Crypto Update: Bitcoin Drops Under $61k, Fear Amid Traders

The crypto market continues the bearish pattern, with top assets losing steam: Bitcoin, Ethereum, BNB, Solana, and every other top asset lost value on Wednesday.

According to Cointree, the Fear & Greed Index also represents the same. The metric has dropped to 39, indicating growing fear among traders. Besides the stablecoins, only TRON managed to maintain a firm stance in the past 24 hours.

Conversely, new coins like Chiliz and NEIRO continued to surge in value. Here is an overview of the crypto market to help traders gauge its dynamics.

Bitcoin

Bitcoin finally lost its footing and fell below the 61k mark. The industry leader is currently trading at 60,889 dollars.

BTC lost 2.57% value in the past 24 hours, while its 7-day performance is at a loss of 0.47%. Even the whales are panicking, having dumped BTC at a loss of 30 million dollars in the past few days.

The crypto is much closer to its support level of 59,745 dollars than its resistance level of 61,586 dollars, increasing the tension among traders.

Ethereum

Ethereum’s value drop was less extreme than BTC since the coin dipped 1.87%. At 2,403 dollars, ETH is barely trading above the 2,400-dollar mark.

In fact, its 7-day performance shows a growth of 0.54%. Ethereum’s recent dip emerged when the Chinese government sold 7,000 ETH seized from the PlusToken scam. Despite the current positioning, crypto experts believe that Ethereum is in a transitional phase.

TRON

TRX or TRON managed to defy the market odds and minimize its losses. The coin lost 0.10% value in 24 hours, bringing it to 0.1596 dollars.

Its weekly performance chart shows a surge of 3.13%. The coin ranked 9th in terms of market cap and 21st in terms of 24-hour trading volume. TRON is one of the rare coins defying the bear market, and analysts expect it to skyrocket in the coming weeks.

Chiliz

CHZ or Chiliz is the Malta-based FinTech provider’s virtual currency for entertainment and sports. It boasts partnerships with Juventus, PSG, Barcelona, Manchester City, etc.

The coin recently showcased its worth by growing 14% in 24 hours. Its weekly growth of 24% has put the coin at 0.0746 dollars. CHZ recently breached the top 100 ranks in terms of market cap.

At the same time, its 24-hour trading volume has pushed the coin to the 17th rank in the world.

NEIRO

Contrary to popular belief, First Neiro on Ethereum continued its growth spree on Wednesday.

The meme coin surged 9.59% in value in 24 hours and is trading at 0.0018 dollars. It has gained a whopping 88% value in the past week, while its monthly surge shows an uptick of 3888%.

Even whales have turned to the meme coin, pushing it to the 14th rank regarding 24-hour trading volume.