India, April 7 -- Cryptocurrencies are trading deep in the red as world financial markets brace for the deadline issued by President Trump to Iran to open the Strait of Hormuz. Overall cryptocurrency market capitalization has declined more than 2 percent in the past 24 hours.
CoinMarketCap's Fear and Greed Index that measures the sentiment in the crypto market declined to 32 from 35 a day ago. It was 30 a week earlier. However, the readings remain in the "fear" territory.
As markets reacted to the escalation in the Middle East tensions, overall crypto market capitalization has declined 2.3 percent in the past 24 hours to $2.33 trillion. The 24-hour trading volume has slipped almost 5 percent to $84 billion.
Bitcoin (BTC), the largest cry...