The Bitcoin Fear and Greed Index is at its lowest level in two months
The cryptocurrency industry has had its own set of failures in the past year when several crypto companies and promising ventures imploded, leading to plummeting prices, countless bankruptcies, and, somewhat predictably, many investor losses.
This year started out positively, but the cryptocurrency has taken successive blows from third parties that have impacted the price and changed the general sentiment.
Bitcoin price affected by banking problems:
The first several weeks of 2023 saw Bitcoin shine after the major cryptocurrency finally beat the $17,000 level, pushing the price above $25,000 in February.
After adding nearly 50% in that time frame and charting a multi-month high, the famous Fear and Greed Index has risen from the depths of “fear” and “extreme fear” to greed.
Difficult times come, and the price drops, so feelings change towards fear, after greed was dominant.
Bitcoin price was affected, and it fell to $19,500 yesterday, which became a two-month low.
Naturally, as we indicated, the general sentiment changed again, as it was shown by the index of fear and greed.
The scale, which takes into account various factors, such as volatility, social media comments, polls, etc., dropped to 33 which means a state of fear.
Just for reference, it was above 55 in February, which indicates a sense of greed, and it was around 50 last week which means neutrality.
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