Bitcoin Fear and Greed Index falls at 2-month low
The cryptocurrency industry experienced its own failures last year, when numerous internal companies and projects imploded, which at falling prices, countless bankruptcy applications and, somewhat expected, led to many investor losses.
this year started positively, but crypto has once again suffered a difficult blow - this time the most obvious reason for external players comes.
All of this has harmed Bitcoin's performance and most old coins, which has led to a further change in the general mood.
BTC closed in the middle of bank problems
In the first weeks of 2023, BTC finally overcame $ 17,000, which triggered a mini-bull run, which drove up the asset in February and over $ 25,000. After gaining almost 50 % during this period and reaching a multi -month high, the popular Fear and Greed Index rose from deep into "fear" and "extreme fear" to greed.
Nevertheless, Bitcoin could not double his positive run, although many industry experts have indicated that the bear market is finally over and BTC could reach new highs again. On the contrary, the asset stalled before falling back to about $ 22,000.
There were further price declines, with the possible reasons from the alleged sale of the confiscated BTC from Silkroad on Coinbase through the US government to further interest rate increases. Then there were some less expected problems. The Silicon Valley Bank - a large commercial bank, or Wohl against Bitcoin, collapsed on Friday after it could not raise any additional capital.
One could first think that this would actually be an advantage for primary cryptocurrency, since it shows that even giants from the traditional financial world could implode just as easily and violently as the Terra ecosystem. After all, BTC has developed into a kind of alternative after the greatest US bank collapse in history. And SVB became the second sound of such explosion.
However, it turned out that some crypto companies were connected to the failed bank. One of these names is Circle - the industry giant behind the second largest stable coin - USDC. When the news arose that the company SVB worth at least $ 3.3 billion, the native stable coin lost its dollar parity and fell under and below $ 0.9.
back to fear
All of this affected the price of Bitcoin and yesterday fell to $ 19,500. This has been the lowest level in two months. Of course, the general mood changed again, which is shown by the Fear and Greed Index.
The metric, which takes into account various factors such as volatility, comments on social media, surveys, etc., fell to 33 - a state of fear. Only as a reference, it was over 55 in February, which shows a greedy mood, and was around 50 - neutrality last week.
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