The crypto Fear & Greed index reads 'greed' on Tuesday at 59, dipping from a nearly 18-month high of 68 reached one week ago after spending most of 2022 in the 'fear' zone. LedesmaLyllah reports
Readings above 50 indicate market sentiment has moved into the"greed" stage, while those below 50 indicate"fear." The index hadn't been as high as 68 since November 2021 when bitcoin reached an all-time record above $69,000.
Throughout most of 2022, the index was stuck in the"fear" and"extreme fear" territories for good reason. Crypto prices collapsed during a wave of bad news and bankruptcies in the industry. “Bitcoin is displaying such unbelievable resilience to what is happening around it, even in the crypto industry,” wrote Craig Erlam, senior analyst at Oanda, in a market note. He added that it’s important to wonder how sustainable this can be in the longer term.crypto exchange Binance and founder Changpeng Zhao on allegations the company knowingly offered unregistered crypto derivatives products in the U.S. against federal law. Bitcoin dropped about 3% following the news.
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