Last month, statistics showed that the Crypto Fear and Greed Index (CFGI) had a score of 25, indicating “extreme fear.” Thirty days later, with Bitcoin prices up 39% against the US dollar, the current CFGI score stands at 61 as of January 30, 2023, reflecting “greed.” Crypto Fear Index Jumps on 'Greed', Etoro Market Analyst Attributes Bitcoin's Surge to a Shift in Investor Expectations, Records Show Bitcoin (BTC) saw a significant increase in value in the first month of 2023, rising 39% against the US dollar. On January 29, 2023, Bitcoin hit a 30-day high...
Last month, statistics showed that the Crypto Fear and Greed Index (CFGI) had a score of 25, indicating “extreme fear.” Thirty days later, with Bitcoin prices up 39% against the US dollar, the current CFGI score stands at 61 as of January 30, 2023, reflecting “greed.”
Records show Bitcoin (BTC) recorded a significant increase in value in the first month of 2023, with an increase of 39% against the US dollar. On January 29, 2023, Bitcoin reached a 30-day high of $23,954 per unit, with prices ranging from that value to a low of $22,988 in the last 24 hours. This increase has increased significantly Crypto Fear and Greed Index (CFGI) hosted on alternative.me and moved from the Extreme Fear zone to the Greed zone later this month.
Last week, CFGI records showed a score of around 50, meaning “neutral,” according to alternative.me. Seven days later, the CFGI score rose to 61, meaning “greed.” The website states that when crypto investors become too greedy, it signals that the market is due for a correction. The CFGI score has been above the neutral 50 range since January 23, 2023, after spending a significant amount of time below 45 prior to January 14, 2023. On Monday, Bitcoin (BTC) Prices weakened against the US dollar as traders took profits.
In a note sent to Bitcoin.com News, Etoro market analyst Simon Peters attributed the halt in crypto price declines to a change in investor expectations regarding inflation and inflation Interest rate increases from the Federal Reserve. Peters also noted that the financial institution Goldman Sachs “released a positive note on Bitcoin,” citing a Market performance sheet This was recently published and shows that Bitcoin is outperforming all other major asset classes, including gold, real estate and emerging markets.
"Bitcoin has performed very well so far in 2023, up nearly 43% on the eToro platform since January 1. It is up just over 50% since last year's low - $15,523 - on November 9," Peters wrote. “With inflation and interest rate expectations now reversing, most asset classes have halted the declines seen in 2022 as investors begin to consider “where next” for their portfolios following the rate hike crash of 2022,” the Etoro market analyst added.
What do you think is driving the rise in Bitcoin prices and the Crypto Fear and Greed Index’s shift towards “greed”? Share your thoughts in the comments below.
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