The firstborn cryptocurrency fell to $7,898.57 around 5:00 UTC after keeping steady above the $8K mark for a while. The recent $10k crash is not over yet, opening more discussions of potential bottom prices and when Bitcoin will hit the lowest price in months.
The so-called fear and greed index jumped from a low of 12 to Extreme Fear with current levels of 27. Developed by CNN Money, the Fear and Greed index measures the two main emotions for investors – fear and greed, affecting investors’ desire to pay for stocks. Based on the premise that fear can result in trading stocks well below their intrinsic values, thus greed can result in being bid above from what they are worth. The Fear and Greed Index examines 7 separate factors to measure the fear and greed in the market, scoring sentiment on a scale of 0 to 100.
The crypto market shrank down to $48 billion for the past 24 hours. The share of Tether (USDT) now trades at 69%, taking up to 34% of all crypto volumes, whilst BTC is going down to 28%.
Despite all positive developments that happened in 2019, the price didn’t follow any predictable patterns. Bitcoin remains unpredictable.