The crypto market has been in turbulence this week, and this has caused the Bitcoin Fear and Greed Index to drop to 21. This metric shows that the crypto community is in a state of “extreme fear” of further price dips.
It is the first time in two months when this index has shown a state of extreme fear among crypto investors. This revelation comes when the price of Bitcoin fell to lows of below $40,000 from highs of $48,000. However, Bitcoin has shown signs of recovery, as it is currently trading at around $44,000.
Market Developments Cause Extreme Fear
The crypto market is not the only one facing uncertainty, as setbacks have also been reported across the broader financial markets. The recession has been attributed to the debt crisis at the Evergrande Company in China. It is not the first time that the price of Bitcoin is responding to … Read more