Crypto market fear and greed index fell to lowest since the beginning of the COVID-19 pandemic
This may have been influenced by the prevailing bearish trend, as well as the decline in the rate of the first cryptocurrency
17.06.2022 - 15:00
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What’s new? On June 16, the Fear & Greed Index (F&G) fell to its lowest point since the COVID-19 pandemic, reaching a value of “7,” meaning “extreme fear.” This could have been influenced by the prevailing bearish trend and the decline in bitcoin value. A day later, the indicator rose to “9,” still in a range that demonstrates investors' extreme concern. As of June 17 at 13:50 UTC, BTC is trading at $20 858, having lost 29,36% in a week, according to Binance.
The Fear and Greed Index is an indicator that measures the general mood of investors in the market. It is measured on a numerical scale from 0 (“extreme fear”) to 100 (“extreme greed”). Various data such as volatility, bitcoin capitalization, market volume, and social media sentiment are analyzed to determine the index.
What do analysts say? Trader and crypto analyst Peter Brandt admitted the probability of BTC's value dropping to $12 700. According to him, reaching new price highs before 2024 is almost impossible.
DoubleLine Capital co-founder Jeffrey Gundlach considers possible decrease in bitcoin rate to $10 000. He saw BTC's rapid drop to $20 000 as natural after bulls failed to provide support at the $30 000 level.
On May 17, the F&G index was down to its lowest level since March 28, 2020, hitting 8/100. The market turmoil began after the TerraUSD stablecoin (UST) crash and the loss of the Tether (USDT) peg to the US dollar.
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