Cryptocurrencies Price Prediction: Zcash, Bitcoin & Crypto – European Wrap 5 February
|Privacy segment leads crypto market decline with Zcash and Monero in a freefall
The privacy coins sector, including tokens such as Zcash (ZEC) and Monero (XMR), is leading the broader cryptocurrency market decline, down more than 25% over the last seven days. Zcash and Monero are losing retail interest as heightened long liquidations over the last 24 hours have driven capital outflows from their futures markets. The technical outlook for both remains bearish with further downside room before reaching a crucial support level.
Bitcoin drops below $70,000 as crypto selloff deepens before US equity market opens
Bitcoin fell below $70,000 as the crypto selloff deepened before the start of equities trading in the U.S.
The largest cryptocurrency dropped to as low as $69.917.20 according to CoinDesk data, with sentiment sliding further into "extreme fear." The Fear and Greed Index sits at 11, a level reached only a handful of times in the past.
Crypto Today: Bitcoin, Ethereum, XRP tumble as retail dumps, risk-off mood prevails
Bitcoin (BTC) is trading under pressure at the time of writing on Thursday, holding above $70,000 after hitting an intraday low of 69,922. The decline reflects weakening demand from both institutional and retail investors.
Altcoins across the board, including Ethereum (ETH) and Ripple (XRP), are also edging lower, with ETH testing key support level while XRP plunges below $1.40. The retail investor flight has left prices vulnerable amid persistent risk-off sentiment.
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