According to CoinGecko, the Bitcoin Fear and Greed Index’s value has altered, moving from “neutral” to “fear.” The worldwide leader in cryptocurrencies, Bitcoin, saw its price fall back to $26,000 after failing to maintain its position above the recently reclaimed $28,000 barrier.
Following a recent upgrade, the index now displays 40. When Bitcoin reaches “fear” region, this may be a sign that investors have a chance to purchase, and the price may grow in the future. When the index reads “greed,” this can indicate that there will soon be a price correction for bitcoin (BTC).
Bitcoin returns to $26,000
After Grayscale defeated U.S. regulatory body SEC in court in the lawsuit relating to SEC’s reluctance to consider permitting Grayscale to convert its Bitcoin Trust into a spot BTC ETF, Bitcoin was recently catapulted to retake the $27,000 mark.
The company’s success does not immediately result in the conversion of the BTC Trust into an ETF, but this legal triumph has raised the price of Bitcoin as well as prices throughout the whole cryptocurrency market.
After Grayscale won in court on Monday, the price of bitcoin increased by about 8%, reaching the $28,000 mark. It lost 2.48% in a week, eventually falling to $27,000. BTC lost another 5.37% during the previous 24 hours, dropping to $26,000 before dropping today to the $25,500 region, where it is presently trading.
