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Crypto Crash Pushes Fear & Greed Index to 2023 Lows

This article discusses the Crypto Fear & Greed Index which is currently at its lowest point since early 2023, indicating extreme fear in the market. Analysts warn of potential further decline due to sell pressure from governments and Mt. Gox. The article also explores the possibility of a market rebound.

1 min 28 secJuly 6, 2024July 6, 2024
Crypto Crash Pushes Fear & Greed Index to 2023 Lows

The Crypto Fear & Greed Index is a popular sentiment metric and it has plunged to 26. This is the lowest since January 2023 when Bitcoin was traded around $17,000. This index developed by Alternative.me, reflects market emotions. It ranges from extreme fear (0) to extreme greed (100). 

 

In March the index hit extreme greed levels near the local top of the crypto market. Now, it shows the opposite sentiment. Could this signify a buying opportunity? Or is further downside ahead? 

 

 

Analysts warn of potential further declines. Rachel Lin CEO of SynFutures, highlights that the sale of seized BTC by German and U.S. governments creates significant sales pressure, along with Mt. Gox user refunds

 

Bitcoin's price could drop to $50000. This is likely during historically weak months ahead. Markus Thielen of 10x Research points this out. However, a Federal Reserve interest rate cut in September could ignite the rally. Currently, Bitcoin has fallen below $54,000 pulling down the entire digital asset market. The Crypto Fear & Greed Index's previous peak at 90 in March signaled the 2024 top when Bitcoin hit an all-time high of about $73500. Since then, BTC and Ether (ETH) have dropped 25-30%. 

 

 

Major altcoins have fallen by around 50%. Will the ongoing sell pressure continue to drive prices lower? Could a reduced sell-off lead to a market rebound? The market's direction in the coming days will depend on Mt Gox users' actions and broader economic signals.

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