A rout in sentiment in both crypto and traditional markets underscores the “extreme fear” surrounding Bitcoin’s move below $30,000.
Bitcoin (BTC) failed to regain $30,000 after losing support on Tuesday as Fear & Greed indexes raced each other to the bottom.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD continued trading in the $20,000–$30,000 zone on Tuesday. The largest cryptocurrency saw a turbulent night’s price action.
The move came in tandem with a souring sentiment on traditional markets. The Fear & Greed Index, which uses a basket of factors to determine the mood among market participants, fell into the “extreme fear” zone on Tuesday, measuring 17/100.
At the same time, the cryptocurrency equivalent, the Crypto Fear & Greed Index, raced to catch up, dropping to 19/100 — also denoted as “extreme fear.”
Crypto Fear & Greed saw local lows of just 10/100 last month, while the traditional counterpart’s score has halved in a week.