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Crypto Fear and Greed Index (CFGI) Score Hits 5 Month Low, Points to ‘Extreme Fear’

Bitcoin price
Bitcoin price

The price of Bitcoin (BTC) is on a tumble, and on January 10, 2022, it breached below the psychological barrier of $40k. The latest breach has sent jitters around the crypto markets. The Crypto Fear & Greed Index (CFGI) sentiment shows “extreme fear” is in the air, and the CFGI score is a 10 reports last time it happened was on July 21, 2021.

BTC values tank by 39%

Bitcoin (BTC) values have tanked by more than 39% than the ATH. The situation is no different from the other Digital Currencies, which have shed billions in value in the past week. The number one cryptocurrency has lost more than 10% of its value in the past week. The cryptocoin is currently trading at $41k. On Monday, the bitcoin (BTC) price dipped briefly below $40,000 for the first time since September 2021.

Current CFGI Sentiment Shows ‘Extreme Fear’ — Bitcoin’s Price 39% Lower Than All-Time High.

Bitcoin trading volume on Saturday was $23.6 billion. Its largest trading pair is Tether (USDT) which commands 61.46% of all trades today. Tether is followed by USD (14.73%), BUSD (6.79%), KRW (3.64%), JPY (3.27%), and EUR (3.21%).The Crypto Fear and Greed Index Score has reached the bottom and a five-month low, and it hints of extreme fear and uncertainty.

Bitcoin price

Bitcoin price

On Saturday, the top BTC exchange was FTX, closely followed by Coinbase, Bitfinex, Kraken, and Bitstamp. The global trade volume of Bitcoin added to represent 23.69% of the $99.6 billion in trades among all the crypto assets in the crypto economy. BTC commands $23.6 billion in trade volume; tether (USDT) captures $46.7 billion in trade volume worldwide.

In 24 hours on Saturday, the BTC volatility remained in between $40,517.66 to $42,702.09. The Crypto Fear & Greed Index (CFGI) hosted on the web portal was 10. The system analyzes emotions and sentiments from different sources and computes them to represent a simple number. A score of 10 represents extreme uncertainty and fear among investors.

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