Fear And Greed Index Of Bitcoin Again Hits Lowest Range
In the upcoming months, Bitcoin investors have not been that enthusiastic as they were 3 months before, as per the Crypto Fear and Greed Index(CFCI).
But surprisingly on the 14th of August, the Index hits it’s the lowest back since December 2018.
Under the 3 months’ time, the investors experienced a high index reading of about 95, but as of now it significantly went down to as low as 11 on the 14th of August.
Having a look at the previous data, which revealed that since December 2018 the Bitcoin was trading at a rate of about $3,000 per coin.
The initial point drop occurred between July 11th and 12th, the time when the sentiments had a high drop from 84 to 33 in just 48 hrs of counting.
Surprisingly at the same time the trading price of Bitcoin dropped from $13,500 to $11,000.
The highest sentiments recorded is 64 back on days of August last year, as compared to the last 30 days records.
As per the Index creator, the low reading often indicates the buying opportunity of the specific coin whereas the higher readings indicate the market correction.
The index is basically based on five basic components like volatility, market momentum, and volume, social media, surveys and Bitcoin (BTC) dominance.
Taking over this last month a machine learning report based report with over 48,000 Reddit post and about 7,500 crypto-related articles revealed that again about 85% of the posts about the Bitcoin are positive.
But still many of the mainstream media publisher was dismissive of the crypto industry.
