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"Extreme Fear" Takes Over Crypto Market Following Elon Musk's Bitcoin Betrayal

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Sun, 16/05/2021 - 8:20
"Extreme Fear" Takes Over Crypto Market Following Elon Musk's Bitcoin Betrayal
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Crypto Fear & Greed Index is flashing “extreme fear” for the first time in over a year after plunging to a 2021 low of 20 on May 16.  

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This comes after Tesla CEO Elon Musk caused a market crash earlier this week by announcing that the e-car manufacturer would suspend Bitcoin payments because of climate change concerns.

Following a mild recovery, Bitcoin is still struggling to gain footing above $50,000 after dipping to $46,484 earlier today on the Bitstamp exchange.  

Notably, the index climbed to a yearly high of 95 back in February shortly after Tesla announced its $1.5 billion Bitcoin purchase, which underscores Musk’s influence on the market.

Related
Elon Musk Claims Dogecoin Will Win “Hands Down” Against Bitcoin if It Scales

The extremity of fear

The index—which has become a popular tool for measuring Bitcoin sentiment—incorporates such factors as volatility, market momentum, social media posts, and Bitcoin’s dominance.        

On March 14, 2020, it tanked to a record low of 8 after the crypto market saw one of its most violent crashes to date during the onset of the pandemic.

The index was also sitting at near-zero levels back in December 2018.

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