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Bitcoin Plummets 30% as “Extreme Fear” Sets in on Crypto Markets

  • May 28
    The Crypto Fear and Greed Index, a metric thats known to measure current
    market sentiment, fell to its lowest point of 2021. The index, which
    has continued to fall alongside Bitcoin prices, hit “extreme fear”
    levels, which have not been observed since April 2020 during the global
    financial market crash.To get more news about WikiFX, you can visit official website.

    Bitcoin (BTC/USD) prices dropped by more than 40% in March 2020 during
    the stock market crash. Since rallying more than 200% in 2021, the major
    cryptocurrency appears to be retracting similar levels. Source:

      The metric has continued to reflect the bearish sentiment that seems
    to have overtaken the crypto markets. As Bitcoin extended its losses and
    briefly hit $31,600 today, the indicator collapsed to a record-low
    rating of 11.

      News of Tesla rejecting Bitcoin payments earlier last week turned the
    markets sour — leading to a massive broad market drawdown.

      At time of writing, Bitcoin is down 27.63% in a single week, with
    Ethereum, Binance Coin and Dogecoin down 41.83%, 50.32%, and 26.60%,

      Just earlier last month, the metric signalled that the crypto market
    was heavily overheated, with a rating of 73, or “Greed.” Up to that
    point, Bitcoin was up by more than 200% YTD.Short-term volatility also
    climbed to the highest level seen since last February. According to the
    Bitcoin Volatility Index, monthly volatility rose to 4.64%.

      Unfortunately, its likely that volatility is here to stay. According
    to Deribit Metrics, historical volatility for the options market surged
    to 131%, up from 67% just a week prior.  The contract with the highest
    notional value and volume are May 28 50,000 puts, which are already
    in-the-money. With more than $1.6 billion worth of contracts set to
    expire by the end of May, theres no doubt that Bitcoin will continue to
    face choppy price action.