The Bitcoin Fear & Greed index, which is a multifactorial measure of crypto market sentiment, rose to a 16-month excessive of 68 factors at this time, signaling that buyers have gotten extra grasping than fearful.

See associated article: Bitcoin hovers near US$28,000, crypto markets pause for a breath.

Fast info

• The final time the Fear & Greed index exceeded 68 was Nov. 16, 2021, when Bitcoin traded above US$63,000.
• The index has a scale of 0 to 100 factors, with 0 representing “extreme fear” and 100 representing “extreme greed”.
• Market sentiment picked up partly from the re-emergence of Bitcoin’s role as a store of value, adopted by the worldwide banking turmoil final week that resulted within the shutdown of Silicon Valley Bank and Signature Bank within the U.S.
• “The market’s confidence in traditional finance was dented, leading to a shift of funds to the crypto market,” James Wo, the founder and chief govt officer of crypto funding agency DFG, advised Forkast. Bitcoin “has shown its superior risk and inflation resistance as an alternative asset, and will be further recognized by the mainstream.”
• Bitcoin slipped 0.22% within the 24 hours main as much as 9:00 p.m. in Hong Kong, buying and selling at US$28,255, in keeping with CoinMarketCap information.
• Whether Bitcoin is due for a worth correction may also largely depend upon The U.S. Federal Reserve’s upcoming interest rate decision on Thursday may decide if Bitcoin values are due for.

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