The Bitcoin Fear and Greed Index is in the “extreme fear” zone as the price of the asset drops as low as $34,000.
After the last correction driven by the whales, the Bitcoin index settled at the extreme fear level.
The Bitcoin Fear and Greed Index has never been this bad since January, when the asset’s value dropped to $33,000.
In late March, Bitcoin failed to make its way towards $50,000 and started to lose value. BTC lost more than $10,000 in April alone and closed the month below $40,000.
Bitcoin jumped to $40,000 after the Fed’s announcement that it would raise interest rates by 50 basis points, but this rise was short-lived.
Bitcoin dropped as low as $36,000 shortly after and dropped to $34,000, its worst level since late January.
After these decreases, a great decrease was observed in the Bitcoin Fear and Greed Index. The index is currently at 18 and indicates “extreme fear”.