Extreme fear is once again among Bitcoin investors following the recent fall, according to data from the Fear and Greed index.
There is fear in the crypto world
As Bitcoin’s price continues to fall, the popular Fear and Greed Index has once again moved into an area called “extreme fear.” The Fear and Greed index hasn’t been in such bad shape since late January.
Since the end of March, the crypto market has been in a bear market. On March 29, the Bitcoin price was still around $48,000, but since then the largest digital currency has been stuck in a huge downward trend. In April alone, Bitcoin fell more than $10,000 and ended the month below $40,000.
May is not going well either. Bitcoin price rose to $40,000 after the last FOMC meeting, in which the Fed said it would raise interest rates by 50 basis points instead of 75. However, that price rise was short-lived. A day later, the BTC price plummeted to below $36,000. And that situation has worsened in the past 24 hours as the coin plunged to its lowest price point since late January of around $34,000.