Concerns across markets intensified on Monday, sending cryptocurrency prices sharply lower. Bitcoin fell below $40,000, and the total crypto market capitalization slipped under $1.87 trillion. Several coins were among the steepest decliners: Near Protocol, Mina Protocol, Zilliqa, Moonbeam, and Axie Infinity each dropped more than 10% in the past 24 hours.
Investors Are Fearful
Cryptocurrencies declined as risk sentiment deteriorated across global markets. Broadly speaking, multiple asset classes registered notable losses. Commodities took a hit: crude oil plunged more than 4%, while gold and silver each fell over 2%. The Bloomberg Commodity Index (BCOM) recorded one of its worst days this year, dropping more than 1.9%.
Equities also tumbled. Major European indices—France’s CAC 40, Germany’s DAX, and the U.K.’s FTSE 100—each fell by more than 2%. In the United States, the Dow Jones Industrial Average lost over 1,000 points, and futures markets reflected declines of more than 200 points.
Cryptocurrency weakness has been driven in part by investor reaction to ongoing concerns about Federal Reserve policy and other central banks. In recent remarks, Fed Chair Jerome Powell warned that banks may need to adopt more hawkish stances in the months ahead. As a result, the Fear & Greed Index plunged into the extreme fear zone, registering a level of 23.
Zilliqa Price Outlook
Daily charts show ZIL has been under significant bearish pressure over the past few days. The token broke below a key level at $0.1285, the high reached on October 21, and has crashed more than 57% from this month’s peak.
Trading volume has declined toward roughly ¥1.3 billion as the MACD has fallen below neutral, signaling growing downside momentum. Given these signals, bears could push ZIL toward a critical support level near $0.08 if selling continues.
Near Protocol Price Outlook
On the 1-day chart, Near Protocol has fallen for six consecutive days. The downtrend is gathering momentum: the price slipped below the 25-day moving average while the MACD approached and crossed below neutral territory.
That said, technical patterns suggest a possible reversal scenario. Near appears to be forming a structure reminiscent of a cup-and-handle, with the recent consolidation resembling the handle portion of the pattern. If buyers regain control and the handle resolves to the upside, Near could resume a bullish trend. Until that occurs, downside risk remains elevated amid the broader market sell-off.