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Bitcoin Index Shows “Extreme Fear,” Here’s Why It May Be Good Sign

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Yuri Molchan

Bitcoin Concern and Greed index has hit the 22 mark, displaying “excessive worry”

The Index of Concern and Greed for Bitcoin reveals 22, which stands for “excessive worry,” whereas the crypto market has returned to the inexperienced zone in the interim and the vast majority of the highest 20 cryptocurrencies are demonstrating a modest rise.

Based on the net web page of the index, this stage of “excessive worry” has been holding over the previous month, displaying a price of 22-23.

This zone of the index is characterised by quite a lot of worry as merchants and enormous traders, often known as achieve hunters, begin shopping for Bitcoin in massive portions.

As of this writing, Bitcoin is altering arms at $16,453, in keeping with CoinMarketCap.

A number of days in the past, BTC fell beneath the $15,800 stage briefly. The highly effective bearish driver that pushed BTC from the $20,000 zone was the current disaster of the FTX alternate that declared itself bankrupt, in addition to its affiliate buying and selling agency, Alameda Analysis, which it was attempting to bail out.

The co-founder and CEO of FTX, Sam-Bankman Fried, filed for insolvency and resigned. This scandal provoked a big enhance within the lack of belief in crypto exchanges. Customers started to massively withdraw their crypto into chilly wallets.

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