As the Market Collapses, Bitcoin's Fear & Greed Index Falls to 17
The weekend's effects on Bitcoin from Japan's markets carried over into Monday's opening bell on Wall Street. Today, Bitcoin was valued at $49,200, as reported by CoinMarketCap. Wars are happening, and many are afraid that World War III may break out. A number of traders have lost trust in the market as a result of the recent panic in US markets.
People who deal in Bitcoin are "extremely afraid"
The Bitcoin Fear and Greed Index is now at 17, indicating a level of "Extreme Fear" attitude, according to statistics from Alternative.me.
With a 6.7% increase from yesterday, Ethereum (ETH), the second biggest cryptocurrency, is now valued $2,460.54. After losing $2 trillion a day ago, the total value of all cryptocurrencies has recovered to $2.04 trillion, an increase of 8.15 percent.
There was a $1.2 billion liquidation of crypto traders yesterday. Nevertheless, the current figure is rather low. In the recent day, 90,041 trades were liquidated, with a total of $363.66 million being reported by Coinglass. Binance has the highest single liquidation order of $13.42M for ETH/USDT.
The cryptocurrency market has fallen to its lowest point in six months, but many are predicting a comeback soon. "The current correction has the potential to result in the bear trap of this cycle," commented Michaël van de Popp, founder of MN Consultancy, on X, on August 6. The market lost $1.2 billion in value as a result of massive surrender, which was caused by leveraged holdings. Get some rest today; there's a ton of work to do.
New geopolitical conflicts have emerged in the Middle East alongside the market's recovery. Northern Israel has been targeted by drone assaults conducted by Hezbollah. Within the next day or two, both Iran and Hezbollah will affirm that they would retaliate against Israel.
