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The Crypto Fear and Greed Index, a collective measure of current sentiment in the cryptocurrency market, moved quickly today from extreme greed (79 points) to fear (31) as most digital assets continue to wallow in the red zone over the past week.
Today’s crypto-currency fear and greed index: 31
Evaluation: Fear #Crypto #Bitcoin #Ethereum
– Crypto Fear and Greed (@FearAndGreedBot) April 25, 2021
The index takes into account various aspects such as volatility, market dynamics and trading volume, social media sentiment, trends, etc. Metric scale ranging from 0 (maximum fear) to 100 (ultimate greed).
In fact, the Crypto Fear and Greed Index reflects the attitudes of most crypto-enthusiasts. If fear strikes, it means that the prices of digital assets are likely to fall and users will sell their cryptocurrencies en masse.
Crypto index of fear and greed.
Similarly, high greed is usually accompanied by a sharp rise in prices, as demand for cryptocurrencies exceeds supply, increasing their value. While this index is by no means significant, it can still help traders navigate the treacherous waters of the cryptocurrency markets.
Biden’s fiscal panic
The recent turmoil in the cryptocurrency market has been sparked by continued widespread price declines following rumors of possible changes to the U.S. tax code. Sources close to the Biden administration were quoted Thursday as saying that policymakers plan to raise taxes on wealthy investors to 43.5 percent on profits of more than $1 million.
This led to a massive sell-off in equity and commodity markets, and then digital assets. Currently, most cryptocurrencies are still trading in the red. However, the market has stabilized somewhat in recent days, with bitcoin around $50,000 (up from $57,500 on Monday).
Sunday’s poll:
Where will #Bitcoin bottom out before we see ATH again?
– Jimmy Song (송재준) (@jimmysong) April 25, 2021
According to the Crypto Fear and Greed Index site, such levels of fear around the 30 level have not been seen since April 2020 – after bitcoin dropped from $10,000 to $5,000 following the coronavirus outbreak.
To further fuel the panic, Scott Minerd, chief investment officer at Guggenheim Partners, said Friday that bitcoin could fall by 50 percent in the near future because it has gone too far and too fast.
I think we could go back to $20,000 or $30,000 in bitcoin, which would be a 50 percent drop, but what’s interesting about bitcoin is that we’ve seen a similar drop before, Minderd said, adding that this would be a normal development in a long-term bull market.
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