Analysis: Bitcoin's drop below the $70,000 mark triggered a simultaneous deterioration in market sentiment.

The crypto market sell-off intensified before the US stock market opened, with Bitcoin briefly falling below the $70,000 mark, hitting a low of approximately $69,917. Market sentiment deteriorated simultaneously, with the crypto market's Fear & Greed Index dropping to 11, entering extreme fear territory—a level that has only been reached a few times in history. This round of sell-off is currently concentrated in the digital asset and precious metals markets, while the US stock market as a whole has remained relatively stable. In precious metals, gold fell by more than 1%, breaking below $4,900 per ounce, while silver fell by more than 10%, dropping below $80 per ounce. Market observers pointed out that with the key earnings season approaching, there is a clear divergence within risk assets, with crypto assets and precious metals under pressure, while the US stock market remains resilient in the short term. (CoinDesk)