Greed

Bitcoin

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
The Fear and Greed Index, a popular Bitcoin sentiment indicator, has now&nbsp;<a href="https://x.com/BitcoinFear/status/1811551073850601919" rel="noopener noreferrer nofollow">plunged</a> into the "extreme greed" territory with 25 points out of 100.&nbsp;
This is the first time in 18 months that the index has recorded such an extremely low reading.&nbsp;
Last time this happened, the cryptocurrency market was still trying to get back on its feet following the shocking collapse of the FTX exchange.&nbsp;&nbsp;
Now, the cryptocurrency market has been hit by Mt. Gox repayments as well as a non-stop selling spree by the German state of Saxony.&nbsp;
On Thursday, the price of the leading cryptocurrency surged to $59,516 due to lower-than-expected US inflation data that reviewed hopes of multiple rate cuts this year.&nbsp;
However, Bitcoin's attempt to break through the $60,000 resistance level ended up being a failure.&nbsp;&nbsp;
The cryptocurrency has been hit by another strong bout of selling by Saxony. On Thursday, it sent another $286 million worth of BTC to various trading platforms. The good news? The state has almost no Bitcoin left to sell. It now holds less than 10% of the coins that were originally confiscated from the Movie2k website back in January.
A steady stream of Bitcoin exchange-traded fund (ETF) inflows is likely to improve the current sentiment. On Thursday, these products logged nearly $79 million worth of fresh money, with BlackRock's IBIT accounting for the vast majority of the sum.&nbsp;
At press time, Bitcoin is changing hands at $57,246, according to CoinGecko data.&nbsp;&nbsp;&nbsp;&nbsp;

Bitcoin Traders Succumb to “Extreme Fear”

U_Today

Other articles published on Jul 12, 2024

Elon Musk Weighs In On Dogecoin Designer's Criticism Of Biden: 'Late-Stage Civilization Vibes'

MoonBag’s Coin Price is Projected to Reach $1 By 2025, While Dogwifhat and IoTEX Fail to Match In...

Bitcoin Giant Cup with Handle Pattern Forms, BTC Price at the Tip of the Handle

Analyst Shares Insights on Ethereum and Bitcoin Performance

MoonBag Emerges as the Best Meme Coin Presale: 567% ROI Potential Makes 5ire & Render Look Like P...

DEXs: The What, The Why & The How of Decentralized Exchanges

Join our free newsletter for daily crypto updates!