'Fear' grips Bitcoin as crypto market sentiment drops to lowest levels since April 2020
May 14, 2021. Summarized by summa-bot.
Compression ratio: 41%. 1 min read.
The crypto market is seeing most "fear" since April 2020 after the Bitcoin sell-off.
Bitcoin (BTC) and altcoin traders are more nervous than any time in over a year as a classic sentiment gauge signals "fear" is driving the market.
According to the Crypto Fear & Greed Index, cryptocurrency traders have not had such cold feet about the market climate since April 2020.
Fear & Greed uses a basket of factors to determine overriding sentiment among market participants — and therefore where the market itself is likely headed.
At the time of writing, Fear & Greed measured just 26/100 — firmly within the "fear" zone and bordering "extreme fear. "
As Cointelegraph reported, however, this time around, Bitcoin appears to have weathered the storm, performing "very well" against an onslaught of sellers and trader liquidations.
Woo highlighted inflows to exchanges turning to outflows as traders likely either bought the dip or bought back in after selling.