Crypto Fear Index Jumps to ‘Greed,’ Etoro Market Analyst Attributes Bitcoin’s Rise to Shift in Investor Expectations.
Trends for Cryptocurrency in 2023. According to records, Bitcoin (BTC) has seen a significant increase in value in the first month of 2023, up 39% against the US dollar. On January 29, 2023, BTC hit its 30-day high of $23,954 per unit, and the price fluctuated from that level to a low of $22,988 over the past 24 hours. This surge caused the Crypto Fear and Greed Index (CFGI) hosted on alternative.me to rise significantly, shifting from extreme fear zone to greed zone over the course of a month.
Last week, according to alternative.me, CFGI records showed a score of around 50, meaning “neutral.” After 7 days, the CFGI score rose to 61, meaning “greedy.” The website says that crypto investors are becoming too greedy, indicating that the market is on the verge of a correction. CFGI scores have been above 50 in the neutral zone since January 23, 2023 and were below 45 before January 14, 2023. Bitcoin (BTC) price fell against the US dollar on Monday as traders made gains.
Read More: Google announces sweeping changes to Android in India
In a note to Bitcoin.com News, Etoro market analyst Simon Peters said the halt in cryptocurrency prices was due to changes in investor expectations regarding inflation and interest rate hikes by the Federal Reserve. I think so. Peters also pointed out that financial institution Goldman Sachs “issued a positive memo on Bitcoin,” with Bitcoin outperforming all other major asset classes including gold, real estate and emerging markets. Cryptocurrencies To Buy That You Don’t Want To Miss In 2023- Big Eyes Coin
“Bitcoin has done very well so far in 2023, up almost 43% on the eToro platform since January 1st, just over 50% from last year’s low of $15,523 on November 9th. It’s going up,” Peters wrote. “For most asset classes, the declines seen in 2022 have come to a halt as inflation and interest rate expectations reverse and investors begin to consider ‘where next’ for portfolios after the collapse of 2022 rate hikes. It took,” he added. Crypto Markets Today: Bitcoin Dips Below $23K Ahead of Fed’s Meeting.
