I just reviewed the latest market data, and I have to admit, the recent cryptocurrency crash left significant marks. Bitcoin then dropped to $75,000, and ETH fell below $2,200. It wasn't just a normal correction — the total market capitalization decreased by over 4 percent in a single day. Altcoins suffered devastating losses.

What interested me the most was that this crypto crash coincided with a complete capitulation of sentiment. The Fear and Greed Index dropped to 15 — extreme fear, the lowest level in over a month. I saw investors massively closing their positions. Liquidations exceeded $735 million in one day, and open interest fell by 5 percent. This showed that traders were hurriedly pulling out of the market.

But why did this happen? I think two main factors played a role. First, Kevin Warsh's nomination as head of the Federal Reserve introduced uncertainty. Warsh is a hawkish monetary policy supporter who has always opposed easing policies. Trump promised aggressive rate cuts, but markets were skeptical about this scenario. That was enough to stir emotions in the risky asset sector.

The second factor is geopolitical tensions. Warnings from Iran, increasing U.S. military presence in the region — all of this heightened uncertainty. Bitcoin and altcoins were treated as risky assets, not safe havens. During times of global turmoil, investors tend to flee from such positions.

Technically, Bitcoin was in a dire state at that time. It broke through key support at $80,500, traded below the 50-week moving average, and below the lower boundary of an ascending wedge. These were bearish signals suggesting it could go even lower — toward $50,000. If that happened, the entire cryptocurrency market would head downward.

The crypto crash of that period was a combination of macroeconomic anxiety, geopolitical threats, and weak technical signals. Now, looking back, it’s clear how much things have changed, but the lessons from that time remain important. That crash taught us that sentiment can change rapidly, and digital assets are more sensitive to macro shocks than they seem.