The cryptocurrency market experienced a significant downturn, resulting in $957.85 million in liquidations across exchanges, with long positions accounting for the majority of this amount. Notably, the recent $1.4 billion hack on a major crypto exchange stands as one of the largest ever recorded. 📈 This incident has amplified market nervousness, causing the Crypto Fear & Greed Index to plummet to its lowest point since September last year, currently hovering at 25, reflecting extreme fear in the market. 📉 The index, which measures market sentiment on a scale from 0 (extreme fear) to 100 (extreme greed), has fallen sharply over the past day, moving from Neutral to Extreme Fear. This downturn follows a broader market selloff with Bitcoin experiencing a decline below $93,000. 📉 Further contributing to market volatility is the recent announcement of a potential increase in tariffs on Canadian and Mexican goods by President Donald Trump. Additionally, the uncertainty surrounding interest rate adjustments by the Federal Reserve due to unexpected inflation data continues to impact borrowing costs. 💸 The decline coincides with a decrease in Open Interest, which signifies a reduction in risk appetite across the market.