Fun

Bitcoin Fear & Greed Index hits lowest level since January 2023

News Feed - 2024-07-10 02:07:51

Vince Quill6 hours agoBitcoin Fear & Greed Index hits lowest level since January 2023Lower levels on the Crypto Fear & Greed Index indicate negative investor sentiment, while higher levels indicate a fear of missing out.1415 Total views29 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Crypto Fear & Greed Index, a metric tracking relative market sentiment, has hit the lowest levels since January 2023, dropping to 27 on July 9, according to data from Glassnode.


For reference, January 2023 was only two months following the collapse of the crypto exchange FTX. At the beginning of that month, the Crypto Fear & Greed Index stood at 26, while Bitcoin (BTC) was trading at around $16,500. However, by the end of the month, Bitcoin experienced a price rally and was trading around $22,000, data from TradingView shows.The Bitcoin Crypto Fear & Greed Index. Source: GlassnodeGerman, Mt. Gox selling pressures fuel fears


The current market panic is fueled by the German government dumping its BTC holdings and Mt. Gox repaying creditors, bringing the price of BTC down from around $63,000 at the end of June to lows of around $53,570 on July 5.


The German government is offloading tens of thousands of Bitcoin in multiple tranches. The latest update reveals that it shifted an additional $276 million in Bitcoin to its selling wallet. Data from Arkham Intelligence indicates that the German government still holds around 22,800 BTC.


Mt. Gox repayments have also started, as the now-defunct exchange begins reimbursing roughly $9 billion to creditors. $8.2 billion of the outstanding amount is in Bitcoin, likely to be sold by creditors, adding additional selling pressure and fears that Bitcoin will crash again.


Related: BTC price taps $58K as vital Bitcoin bull market trendline reemergesThe other side of the story


Despite the increased selling pressures from institutions, the Bitcoin Exchange Reserve, or the amount of Bitcoin held on exchanges, has steadily declined since 2021 and is currently at a multi-year low, acting as a counterbalance to the selling pressure.


The Miner Supply Ratio and the Miners Position Index also indicate that miner reserves have been exhausted and that selling pressure from miners should be minimized at this point.


Fund investors reacted to Bitcoin’s recent price decline by buying the dip, representing the strongest weekly performance for Bitcoin funds in over a month.


Magazine: Big Questions: Did the NSA create Bitcoin?# Bitcoin# Blockchain# Bitcoin Price# GermanyAdd reaction

News Feed

It’s Time to Build: Adshares Reveals Exciting New Road Map After Successful 2021
It’s Time to Build: Adshares Reveals Exciting New Road Map After Successful 2021 sponsored As one of the most trusted and best evaluated crypto advertising projects –Adshar
Leading European and Ukrainian Charity Foundations Announced Their Participation in the World’s First Innovative ChariFi’s Project – the Zelenskiy NFT, Developed by the IamUkraine Studio
Leading European and Ukrainian Charity Foundations Announced Their Participation in the World"s First Innovative ChariFi"s Project - the Zelenskiy NFT, Developed by the IamUkraine Studio press release
Solana Nears $210, ETF Approval Hopes Spark Optimism In The Crypto Market
Este artículo también está disponible en español. There is growing excitement from cryptocurrency investors as Solana finally was able to get out of a slump, gathering mo
Goldman Sachs’ Blankfein Advises Companies and Consumers to Prepare for US Recession — Says It’s a ‘Very, Very High Risk’
Goldman Sachs" Blankfein Advises Companies and Consumers to Prepare for US Recession — Says It"s a "Very, Very High Risk" Goldman Sachs Senior Chairman and former CEO Lloyd Blank
Can These New Crypto Coins Explode After Travala-Trivago Crypto Integration?
Este artículo también está disponible en español. Crypto continues to pave its way into the biggest industries in the world. In a f
Crypto firms to see more enforcement actions within 2 years — CFTC chair
Turner Wright3 hours agoCrypto firms to see more enforcement actions within 2 years — CFTC chairRostin Behnam said that “without a regulatory framework,” regulators would continue pursuing crypto firms to protect i
Data Shows Bitcoin Options Markets Are Maturing Much Faster Than Futures
Data Shows Bitcoin Options Markets Are Maturing Much Faster Than FuturesData from the crypto analytical firm Skew.com shows that bitcoin options are maturing much faster than the fu
Report: NFT Firm Candy Digital Cuts Over a Third of the Company’s Staff
Report: NFT Firm Candy Digital Cuts Over a Third of the Company’s Staff With non-fungible token (NFT) sales a lot lower than they were at the start of the year, NFT companies and
2020 Libertarian Presidential Candidate Jo Jorgensen Talks Bitcoin, Endless Wars, Covid-19 Response
2020 Libertarian Presidential Candidate Jo Jorgensen Talks Bitcoin, Endless Wars, Covid-19 ResponseOn June 8, news.Bitcoin.com chatted with the U.S. 2020 Libertarian candidate for p
Turner Wright8 hours agoBittrex may still face enforcement action in Florida amid bankruptcyA filing in bankruptcy court from Florida’s Office of Financial Regulation suggested the regulator still had the “administra
New Bybit User? Get up to $600 in Welcome Rewards
New Bybit User? Get up to $600 in Welcome Rewards sponsored New Bybit users can get up to $600 in welcome rewards upon completing simple tasks and hitting trading milestones after s
Report: 11.4% of UAE Residents Have Invested in Cryptocurrencies
Report: 11.4% of UAE Residents Have Invested in Cryptocurrencies Just over 11% of United Arab Emirates (UAE) residents have invested in cryptocurrencies, a report issued by the cou