Bitcoin Sentiment Wavers As Crypto Fear and Greed Index in ‘Extreme Fear’ Territory

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Bitcoin Sentiment Wavers As Crypto Fear and Greed Index in ‘Extreme Fear’ Territory

El Bitcoin Fear and Greed Index (FGI) has dropped to a value of 11, indicating “extreme fear” amidst a sharp plummet in the crypto market.

L'índex de por i cobdícia s'utilitza per avaluar el sentiment dels inversors cap al mercat, amb 0 que indica una por extrema i 100 que indica una cobdícia extrema.

Plonant Bitcoin

The past few weeks have not been the most favorable for Bitcoin as it has been struggling to steady itself in the $40k zone for a while now. In the past 7 days, the asset has plummeted by 20 percent, dropping from its $38.9k peak last Monday to a current value of $28.9k as of press time.

This has apparently triggered a panic in the crypto space with several investors capitulating to salvage whatever they can from their funds, leading to the FGI value of 11. The last time the FGI hit this value was January 23 this year when Bitcoin closed the previous day with a value of $35k. The values were 28 (fear) and 30 (fear) last week and last month respectively.

Aquesta caiguda fins als 28 dòlars arriba uns dies després que la Reserva Federal revelés, a través del seu president Jerome Powell, que augmentaria el seu tipus d'interès de referència un 0.5 per cent, la pujada més alta en 22 anys, per combatre la creixent inflació que ha arribat a un màxim històric del 8.5%.

Early June last year was the last time Bitcoin dipped to $33k after weeks of attempts to bounce back from a downtrend that began the previous month. The asset went on to reach a $29,800 price towards the close of the month before rising to a peak of $67k in early November of last year.

Tot el mercat criptogràfic ha disminuït un 5.28% en les últimes 24 hores

A més de Bitcoin, most other digital assets including Ethereum, BNB, LUNA, and SOL have respectively seen some sharp declines in the past seven days, with Ethereum down by 26%, BNB by 25%, LUNA by a massive 99%, and SOL seeing a decline of 41%.

Tot el mercat de criptografia ha disminuït en les últimes 24 hores un 6% fins a una capitalització de mercat combinada d'1.2 bilions de dòlars, mentre que el volum del mercat va augmentar un 3.18% fins a un valor de 102 mil milions de dòlars, cosa que indica que els fons s'estan sortint del mercat de criptografia.

Market tracking platform Glassnode reveals that the number of Bitcoin whales appears to be decreasing. Chris Kline, co-founder, and chief operating officer of Bitcoin IRA, said he believes one of the causes of the crash in the crypto market is the fact that investors are looking for “safer grounds” as they weigh other investing options amidst the interest rate hike by the Federal Reserve.

Font original: ZyCrypto