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Bitcoin Fear and Greed Index Drops to Lowest Mark as BTC Price Goes Below $10,000, Investors Are Scared More Than Ever Before

  • Yuri Molchan
    📰 News

    As BTC dives under the $10,000 mark, the Fear and Greed Index collapses to 5, showing the biggest level of fear among investors

Bitcoin Fear and Greed Index Drops to Lowest Mark as BTC Price Goes Below $10,000, Investors Are Scared More Than Ever Before

On Wednesday, the Bitcoin price went under the $10,000 level and pulled the majority of top altcoins along with it. As soon as it happened, the index of Fear and Greed for ‘digital gold’ fell to the lowest seen so far mark of just 5 points.

Investors are scared more than ever before

The Fear and Greed Index for Bitcoin was created by the alternative.me website. When it is calculated, the authors look at various factors, such as volatility, market dynamics, Bitcoin trading volumes on various crypto exchanges, the Bitcoin Dominance Index, data from Google Trends, etc.

The index value after today’s update totals 5. This means that at present, cryptocurrency investors experience a deeper fear than, for example, in November or December 2018, when the market was dominated by the so-called crypto winter with the corresponding investor sentiment and panic.

The Fear and Greed Index drops after BTC comes near to $11,000

Curiously, that the slip in the investor sentiment, judging by the index, occurred right after Bakkt made the announcement about the upcoming launch of BTC-backed futures contracts in the fall this year.

The latter provided Bitcoin with brief momentum to closely approach the $11,000 level. However, further BTC price growth never took place. Over the last 24 hours, Bitcoin quotes have tumbled and fallen below the critical $10,000 level.

However, at press time, Bitcoin has managed to recover a little and is trading at $10,006, as per CoinMarketCap.

Image by CoinMarketCap.com
Image by CoinMarketCap.com

Is Bitcoin breaking the bullish trend?

Beastlorion crypto trader wrote on his Twitter page that Bitcoin had broken the bullish trend by going under $10,000.

Some analysts believe that should Bitcoin slip to the $9,115 mark, it may start decreasing even further - down to $7,200.

Cover image via 123rf.com
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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