The Crypto Fear and Greed Index has reached 30, the lowest level in 18 months
Crypto Fear and Greed Index is currently in the “fear” zone at 30 points.
This is the lowest sentiment indicator for Bitcoin (BTC) in 18 months.
The Crypto Fear and Greed Index, a gauge of market sentiment for Bitcoin (BTC) and the broader crypto market, fell to 30, its lowest score in more than a year and a half.
BTC is trading low in the current market cycle and the Crypto Fear and Greed Index has fallen into the “fear” zone, the first time it has done so since January last year.
Crypto Fear and Greed Index drops to 30
As the price of Bitcoin fell below $60,000 on Monday, June 24, the index nosedived more than 20 points into the “fear” zone.
The decline means that the Bitcoin Fear and Greed Index is finally trending above the levels seen in January 2023. At the time, the price of Bitcoin was trading as high as $17,000 after the industry's most shocking collapse – the FTX crypto exchange implosion.
In May this year, the price of Bitcoin fell to $56,500 and the index score was downgraded from Neutral to Fear.
Inflation sentiment improved sharply, pushing the fear and greed index to 74. “Greed” reigned supreme as Bitcoin broke above $71,000, resulting in neutrality and peaking at #30 on June 24.
The Mt. Gox payments and selling the German government
Catalysts for recent failures include Mt.Gox payout news.
Monday's announcement indicates that the exchange will begin paying customers who have been waiting since the 2014 hack. Mt.Gox customers accept Bitcoin and Bitcoin Cash.
More than $8.5 billion worth of BTC is with the Value Trustee. In April, K33 Research analysts warned that Mt.Gox's Bitcoin payments would affect prices.
What attracts negative attention is the sale of Bitcoin by the German government. Germany is at it again after sending 1,700 BTC to exchanges including Coinbase and Kraken last week.
On Tuesday, Lookonchain shared on-chain data tracking wallets linked to a 50,000 BTC raid by the German government earlier this year. The details are that another 400 BTC is deposited in CX.
