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Cryptocurrency Market Succumbs to Fear After Massive Plunge

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Sun, 04/25/2021 - 07:43
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Alex Dovbnya
The "fear-and-greed" indicator has plunged to its lowest level since April 2020
Cryptocurrency Market Succumbs to Fear After Massive Plunge
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The Crypto Fear and Greed Index, a popular tool used for gauging the market sentiment, has plunged to 31, its lowest level since Apr. 29, 2020.

Interestingly enough, it took the index just one week to go from extreme greed (79) to fear.

Fear
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On Apr. 23, Bitcoin crashed to $47,576 on the Bitstamp exchange, marking a 27 percent correction from its all-time high of $64,895 that was reached on Apr. 14.

As reported by U.Today, some analysts warned that a deeper correction could be coming after Bitcoin collapsed to its lowest level since early March.      

At press time, Bitcoin is trading at $49,400. The cryptocurrency is on track on record its fifth day in the red in a row.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.