Bitcoin Fear and Greed Index Hits Lowest Level Since Covid Crash

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The Bitcoin/ Crypto Fear and Greed Index today shows the most bearish crypto market sentiment since March 2020.

• The index started showing “extreme fear” across the market last week. Bitcoin collapsed below $30,000 for the first time since July, while the UST stablecoin fell apart.
• Today, the index reflects a single-digit score of only 8. That’s the lowest number since March 28th, 2020, when it collapsed to the same level due to covid lockdown fears.
• By contrast, March 28th, 2022 logged a score of 60 – the highest level of the year thus far.
• The index uses a scale of 0 to 100, with 0 meaning “extreme fear” and 100 meaning “extreme greed”.
• It consists of a combination of variables, including market volatility, momentum, volume, Bitcoin dominance, and social media engagement.
• As of this week, Bitcoin’s price also logged its 7th consecutive red week for the first time ever. The previous record of 6 red weeks occurred in late 2014.
• Will Clemente – Blockware’s Lead Insights Analyst – believes the cryptocurrency has reached a multi-generational bottom based on various indicators.
• If true, it would be good news for MicroStrategy. The company have to deposit more Bitcoin as collateral on its Silvergate loan if the price drops to $21,000.