What Happened in Crypto Today: Market Down by 3.60%—Key Reasons

Why Crypto Is Falling and Why Fear and Greed Index Shows Extreme Fear

What Happened in Crypto Today?

Today’s cryptocurrency market has seen some interesting movements. The global crypto market cap is currently $2.7 trillion, which has decreased by 3.60% over the last 24 hours. However, the total crypto market volume has significantly increased by 122.76%, reaching $113.82 billion. 

Out of this, DeFi (Decentralized Finance) accounts for $6.97 billion, or 6.12% of the total market volume. Stablecoins, like Tether and USD Coin, dominate the market volume, making up 93.72% with a total volume of $106.67 billion.

Bitcoin Dips After Trump’s Executive Order on Crypto Reserve

In a surprising move, US President Donald Trump signed an executive order on March 7 to create a strategic crypto reserve and stockpile of digital assets. While this sounded like a positive step for the crypto world, it didn’t stop Bitcoin from dipping in value.

Bitcoin fell by 3.83%, dropping to $81,923.74. White House crypto czar David Sacks clarified that no taxpayer money would be used to fund this reserve. Instead, it would be supported by government-owned Bitcoin. 

However, many are skeptical about the reserve’s success without a dedicated budget, raising questions about its effectiveness.

Trump Family Faces $110 Million Loss in Crypto Investments

In another notable event, a cryptocurrency investment project backed by the Trump called WLFI, has seen a major loss of $110 million. Initially, they invested $336 million, but the current value of their portfolio is down to $226 million. 

The Trump family’s holdings are heavily invested in Ethereum (ETH), which makes up about 65% of their portfolio. They purchased ETH at an average price of $3,240, but the drop in Ethereum’s value has caused the majority of the loss. 

The overall market volatility, along with economic factors, has only worsened the situation, affecting their crypto assets.

Bybit CEO Doubts Pi Network , Raises Concerns About Binance Listing

In the world of crypto platforms, Bybit CEO Ben Zhou has made waves with his strong criticism of Pi Network. He called it "more dangerous than meme coins" and even compared it to a Ponzi scheme. 

Zhou pointed out that Pi Network's unclear reward system and opaque operations could lead to serious problems. His comments come as Binance, one of the largest crypto exchanges, has yet to confirm whether they will list Pi Network, despite the project winning a “Vote to List” with 87.1% support. 

Zhou’s remarks have sparked concerns about whether Pi Network will ever make it onto the platform.

BBVA to Offer Bitcoin and Ether Trading in Spain

In some positive news, BBVA, Spain's second-largest bank, has announced that it will begin offering Bitcoin and Ether trading services. The bank received approval from Spain’s Comisión Nacional del Mercado de Valores (CNMV) to launch this service on March 10. Initially, the service will be available to a select group of users through the BBVA mobile app, but it is expected to expand over time. 

BBVA has already been offering crypto services in Switzerland since 2021, including Bitcoin custody and trading.

Crypto Fear and Greed Index Today

The Crypto Fear and Greed Index is showing "Extreme Fear" today, with a reading of 20. Just yesterday, it was at 27, indicating “Fear.” Over the past week, the index has been hovering in the "Fear" zone, with a reading of 33. 

A month ago, it stood at 44, which was still considered "Fear" but showed less anxiety. These fluctuating values highlight the uncertainty and emotional state of investors, reflecting the ever-changing sentiment in the crypto market.

Overall, As per Coingabbar’s analysis, it's been a day of mixed news for cryptocurrencies, with some concerning losses and uncertainty, but also some significant developments in the industry.