Crypto news: Extreme greed at record high as markets surge
Updated
We have entered extreme greed territory in the crypto space, as the market shoots to the moon – in the cryptoverse’s lingo – and headlines about the biggest digital coins surging to new heights spread around the world.
The Crypto Greed and Fear 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 84, where 0 is maximum fear and 100 is maximum greed. On 20 October, when bitcoin hit its then-record, sentiment was at 82.
“The market is choosing bitcoin and other cryptocurrencies over paper money, with which governments are conducting a very dangerous experiment,” said Dan Morehead, CEO of crypto-focused investment company Pantera Capital, commenting on the new cycle.
Nasdaq-listed cryptocurrency exchange company Coinbase will report its quarterly earnings later today, and analysts will be watching for trading volumes. “The third-quarter results are likely to benefit from the increased adoption of a greater number of crypto assets, and increased volatility coupled with increased interest across the entire crypto-economy,” analysts from Zacks Equity Research noted. “However, increased competition is likely to have been an overhang,” they added.
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Chart of the day: Shares in crypto-exchange Coinbase surged over a record-breaking month for cryptocurrencies
Coinbase stock benefited from crypto market rallies – Photo: TradingViewOther crypto news
- Zimbabwe may join El Salvador in using bitcoin as legal tender. The government is reportedly consulting with the private sector on utilising bitcoin as an alternative means of payment in the country, according to local sources, picked up by Nasdaq.
- Mastercard is to launch crypto-funded payment cards in Asia Pacific, having partnered with three local cryptocurrency service providers. “For the first time, consumers and businesses in the Asia Pacific region will be able to apply for crypto-linked Mastercard credit, debit or pre-paid cards that will enable them to instantly convert their cryptocurrencies into traditional fiat currency, which can be spent everywhere Mastercard is accepted around the world,” the company said.
- Launch of the first US bitcoin-linked exchange-traded fund (ETF) last month was hailed as a watershed moment for the industry. Meanwhile, on the other side of the pond, cryptocurrency ETFs topped Morningstar’s monthly roundup of the best and worst performing European ETFs.
Roundup of coins by biggest market capitalisation
As of 10:00 GMT:
- bitcoin was up 3.07% over the last 24 hours and trading at $68,161.10
- ether added 1.70% in the same period and was worth $4,808.75
- binance coin also added 1.70% to rise to $648.88
Winners and losers
- Cardano’s ADA jumped an impressive 10.84% and hopped to the fourth spot in the biggest cryptocurrencies by market value
- Solana’s SOL grew 1.21% over the last 24 hours and elbowed tether out of the top five digital coins by market capitalisation
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