Sunday, May 26, 2024

The Fear and Greed Index for cryptocurrency has dropped to a five-month low.

The latest report revealed by Crypto Fear & Greed Index (CFGI), shows the tensed and fearful environment because of the price drop of Bitcoin. Recently, Bitcoin has seen a tremendous fall and the prices of Bitcoin are resting at $40,517 per unit. On 8 January 2022, after 1 pm (EST) a huge drop is witnessed in the price of Bitcoin. Also, the low score of CFGI is creating a fearful atmosphere among investors as it dips to 10. Previously, the CFGI score was this low in July 2021.

The trading volume of Bitcoin across the world is rough across $23.6 million. As of now, the largest trading pair volume in Bitcoin is tether (USDT) which accounts for 61.46% of traders, further followed by USD, BUSD, KRW, and JPY with shares of 14.73%, 6.79%, 3.64%, and 3.27%, respectively. On Saturday, when prices of Bitcoin dropped, the top exchange was FTX which was followed by Coinbase, Bitfinex, and Kraken.

CFGI’s announcement of the extremely fearful situation:

Further, the revelation on the part of CFGI that the score has been lowered to 10 creates dangerous and fearful situations among investors. Last time, on July 21, 2021 the score of CFGI dropped to as low as 10. After 171 days, Crypto Fear and Greed Index (CFGI) has seen such a tremendous fall. Even when the score was 18, CFGI marked it an extremely fearful situation. Even a week before fall, the score was sometimes 21, 30, or 29. It is anticipated that Bitcoin will be down 39% lower after two months.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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