Crypto Fear and Greed Index Hits 5-month Low as Bitcoin Crashes
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The Crypto fear and greed index score reached a 5-month low on Saturday after Bitcoin crashed to $40,517
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According to the CFGI, the sentiment of crypto enthusiasts indicated extreme fear with a score of 10
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The cryptocurrency market has shed billions in market value in the past seven days after the US federal reserve’s remarks about hiking interest rates
The cryptocurrency market has been spiraling downwards as digital currencies have lost billions in market value in the past week.
Flagship cryptocurrency Bitcoin crashed to $40,517 on Saturday afternoon, its lowest value since September 2021.
After the latest crash, there have been indications of extreme fear in the cryptocurrency market.
The Crypto Fear & Greed Index (CFGI) a tool used to measure the sentiment of crypto enthusiasts indicated that the CFGI score was 10.
This score was derived based on emotions and sentiments from different sources and indicates that there is extreme fear in the cryptocurrency market.
It is the lowest that the CFGI score has been since July 21, 2021, when Bitcoin crashed by over 50% from its all-time high.
Read also: Cryptocurrency Scammers Stole $14 Billion in 2021
At the moment, BTC is down by more than 39% from its all-time high of $69,000 which was attained on November 10, 2021.
The latest crash came after news that the US federal reserve was set to hike up the interest rate.
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