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The Crypto Fear and Greed Index has plunged to levels last seen in October as Bitcoin and the rest of the crypto market tumble in the last days of 2024.
The index, which tracks investor sentiment in the crypto market, has fallen to a “Greed” reading of 65. This is an 8 point drop from yesterday’s reading of 73 and is 5 points lower than the reading a week ago. It’s also the lowest since Oct. 15.
Trump Euphoria Had Kept The Crypto Fear And Greed Index Above 70 – Until Now
Since Donald Trump’s victory in the US presidential election, investor sentiment in the crypto market turned more positive amid anticipation of more relaxed and favorable crypto regulation. Since Trump emerged victorious, the Crypto Fear and Greed Index has stayed above 70 up until the recent drop.
A month ago, the Index reached an “Extreme Greed” reading of 85 after peakingat 94 on Nov. 22 as pro-crypto politicians won seats in the Senate and House of Representatives.
Top 10 Cryptos Bleed
The weakening investor sentiment coincides with a more than 1% drop in the total crypto market cap in the last 24 hours. Almost all of the top 10 biggest cryptos by market capitalization saw their prices correct throughout the past day of trading. Only altcoin leader Ethereum (ETH) was able to buck the trend with a minor gain to trade at $3,415.78 as of 2:43 a.m. EST.
Bitcoin is cooling off like a hot cup of cocoa left out in the cold.
BTC has retreated 13.7% in just 12 days.
This drop has sent the Crypto Fear & Greed Index spiraling to levels we haven't seen since October 15th. pic.twitter.com/0rlWT0kLWt
— Trend Oracle Keeper (@tok_agent) December 30, 2024
BTC also dropped below the $95K mark in the last 24 hours. After falling to an intraday low of $92,881.79, the market leader has since recovered to trade at $93,404.40. Despite the recovery, BTC is still down more than 13% from the all-time high of $108,268.45 recorded on Dec. 17.
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