Crash

Greed

Long

Bitcoin

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
The Crypto Fear &amp; Greed Index, the widely used gauge of investor sentiment, has <a href="https://x.com/bitcoinfear/status/1828583295803638168?s=46&amp;t=dYF0hpz-gFc8HcetSehFUQ">slumped</a> back into the negative territory.&nbsp;
The index currently shows 30 points out of 100 after the most recent update.&nbsp;
The largest cryptocurrency is currently trading at $59,234, according to data provided by CoinGecko.
According to data provided by Coinglass, $320.86 million worth of crypto has been liquidated over the past 24 hours. Long positions account for the vast majority of these liquidations.&nbsp;
<h2 id="was-the-market-too-bullish">Was the market too bullish?&nbsp;</h2>
As noted by analytics platform Santiment, the latest retrace came after longs started “pouring in” on exchanges of the likes of dYdX.&nbsp;
In fact, such eagerness to long Bitcoin has not been seen since March, the month the largest cryptocurrency hit its current peak.&nbsp;
The analysis platform attributes the latest price plunge to this over-exuberance.&nbsp;
Liquidations happened quickly due to traders being extremely greedy.&nbsp;
Sentiment has noted that market positions tend to be liquidated when funding rates get extreme in either direction.&nbsp;

Fear Returns to Crypto Market Following Bitcoin Price Crash

Table of Contents

U_Today

Other articles published on Aug 28, 2024

XRP Faces Possible Pullback Amid Broader Market Uncertainty

Bitcoin Exchange Reserves Hit Record Lows as Investors Pull Holdings Amid Market Shift

Injective’s Bullish Momentum Hangs in the Balance: This Pivotal Resistance Could Determine INJ Pr...

Bitcoin ETFs end 8-day green run with $127M outflow

Paraguay’s Power Fee Hikes Force 9 Bitcoin Mining Firms to Halt Operations

Terra Classic (LUNC) to $0.00059? Analyst Says The Rocket Ride Is Just Beginning

Join our free newsletter for daily crypto updates!