BTC breaks $47,000 as cryptocurrency sentiment hits 2022 high
Updated
Sentiment in the cryptocurrency market is the highest it has been in 2022, according to Crypto Fear and Greed Index, as bitcoin (BTC) broke through the $47,000 mark, rising to levels unseen since the beginning of the year.
The Crypto Fear and Greed Index – a sentiment indicator that takes into account volatility, market momentum/volume shows, social media sentiment, dominance and trends in the cryptocurrency market, – pinned the current greed level at 60, where 0 is maximum for fear and 100 is the maximum for greed.
The greed level is highest since 16 November 2021, when bitcoin and the whole cryptocurrency market hitting their all-time highs.
Crypto fear and greed levels in 2022:
Crypto fear and greed index shows the highest value in 2022, indicating the market sentiment is highest in the year – Credit: AlternativeCryptocurrency firm Santiment noted that the primarly reason behind the spike was high amount of short positions being liquidated, which putshed the price of bitcoin and altcoins higher.
The whole cryptocurrency market advanced 5.8% to $2.13trn, according to data from CoinMarketCap.com.
What is your sentiment on BTC/USD?
Chart of the day: BTC nears three-month high
Bitcoin is trading at levels unseen since the beginning of January – Credit: TradingViewOther crypto news:
- Japan will revise its laws to make sure Russia can't use cryptocurrency assets to evade sanctions imposed on the country following its invasion of Ukraine, as Reuters reports: “The government will submit a revision of the Foreign Exchange and Foreign Trade Act to the current parliament session to strengthen protections against potential sanction-busting by Russia through digital assets, Chief Cabinet Secretary Hirokazu Matsuno said in a press conference,” it said.
- The UK is due a new regulaory regime for cryptocurrency in the coming week, according to CNBC.
Top cryptocurrency coins by market capitalisation
As of 13:00 UTC:
- Bitcoin (BTC) jumped by 6% to $47,240.
- Ethereum (ETH) rose by 6.35% to $3,346.
- Binance Coin (BNB) was up by 4.84% to $435.
Winners and losers
- VeChain (VET), the 33rd-biggest cryptocurrency by market capitalisation, added 18.20% over the past 24 hours and 51.63% over the past seven days of trading.
- There are no losers among the main cryptocurrencies today.
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