important point:
- Enthusiasm for the approval of a spot Bitcoin ETF quickly faded, impacting the price.
- The Crypto Fear and Greed Index returned to “neutral” after hitting lows during October 2023.
- After reaching $49,000 last week, Bitcoin was currently trading at around $42,600.
Bitcoin And the entire market has experienced considerable volatility in recent weeks due to the anticipation of approval of a BTC spot ETF, which finally happened.
Although cryptocurrencies skyrocketed before and after the news 49,000 USDNow that gain has practically been wiped out and the price has fallen back to the $42,600 range.
Market analysts highlighted two issues: One, investors they sold the news And they liquidated part of their holdings because the price rose so much in a short period of time.
On the other hand, there is also Uncertainty Here’s how the Bitcoin ETFs launched on the market last week will work. The flow of money may stop.
Bitcoin and Crypto Fear and Greed Index
He Crypto Fear and Greed IndexAn indicator of market sentiment, changed dramatically. In October, it was at a low level, while now it has reached 52 out of 100, indicating a “neutral” sentiment.
Still, it came down from the peak made before the SEC approval of the BTC spot ETF, when the index stood at 76 meaning it was “overbought.”
This word increased by 1,100% in Google search “Why is Bitcoin falling?”This shows that investors are not understanding the reason for the decline of BTC.
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