Bitcoin lost key support levels on Wednesday.
Bearish sentiment has swept the cryptocurrency market.
The Fear and Greed Index has dipped into fear territory.
A wave of bad news swept the market this week, reinforcing the bearish sentiment in the cryptocurrency market. Changpeng Zhao, CEO of #Binance , was sentenced to four months in prison for money laundering, and #ScamRiskWarning Cash backer Roger Ver faced tax evasion charges. These legal troubles have hurt the sector and shaken investor confidence.
On Wednesday, the market reacted negatively to the US Federal Reserve's decision to leave interest rates unchanged in order to meet its 2% inflation target. Bitcoin fell below a key support zone of $59,300 on this news, dragging the rest of the market with it and raising fears of further price declines.
In Russia, military robots searched for cryptocurrency with #Defi guns.
A man holds a large amount of #XRP on a bridge in Japan.
Shiba Inu runs up the digital chain.
Bitcoin's collapse on Thursday sent the cryptocurrency Fear and Greed Index falling to a 31-week low of 43, entering the fear zone for the first time since late January. The index, which reflects overall market sentiment, has been trending downward since March 5, when it hit 90, the extreme greed zone.
Until the end of April, the index was still in the greed zone at 67, but due to legal challenges this week, market sentiment fell to the current level of 43, indicating the degree of investor anxiety over recent price movements.
Bitcoin started the week at $63,000 and made modest gains on Monday, ending the day at $63,800. However, on Tuesday, the price fell 8% and #ScamRiskWarning closed at $60,500. On Wednesday, the selling intensified and bitcoin lost a key support zone at $59,300 and hit an intraday low of $BTC According to Trading View, the daily chart of BTCUSD shows that bitcoin fell below key support.
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