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

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

Indicele de frică și lăcomie este folosit pentru a evalua sentimentul investitorilor față de piață, cu 0 indicând frică extremă și 100 indicând lăcomie extremă.

plunging 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.

Această scădere la 28 dolari vine la câteva zile după ce Rezerva Federală a dezvăluit, prin intermediul președintelui său Jerome Powell, că va crește rata dobânzii de referință cu 0.5 puncte procentuale – cea mai mare creștere din ultimii 22 de ani – pentru a combate inflația în creștere, care a atins un maxim istoric de 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.

Întreaga piață cripto a scăzut cu 5.28% în ultimele 24 de ore

În plus față 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%.

Întreaga piață cripto a scăzut în ultimele 24 de ore cu 6%, până la o capitalizare de piață combinată de 1.2 trilioane USD, în timp ce volumul pieței a crescut cu 3.18% la o valoare de 102 miliarde USD, ceea ce indică faptul că fondurile se deplasează din piața cripto.

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.

Sursă originală: ZyCrypto