The crypto economy has risen back beyond the $1 trillion range, although prices have resumed their decline since the last rally. Following the crash of the Terra blockchain, the crypto economy lost enormous value, and tremendous panic rocked the community in June. As part of its daily analysis, the Crypto Fear and Greed Index (CFGI) ranking scores assess “feelings and emotions from various sources and convert them into a single straightforward number.” The value of 0 represents “Extreme Fear,” while “Extreme Greed” is denoted by a value of 100. The site continues to state, “The crypto market [behavior] is very emotional. People tend to get greedy when the market is rising, which results in FOMO (Fear of missing out). Also, people often sell their coins in irrational reaction [to] seeing red numbers – There are two simple assumptions: 1) Extreme fear can be a sign that investors are too worried. That could be a buying opportunity. 2) When investors are getting too greedy, that means the market is due for a correction.” Low Rank Of CFGI – A Severe Fear Midway through June, the CFGI ranking score fell even more, reaching a low rank of 6 out of 100 on June 19, 2022. Historical cryptocurrency price data reveals that on that day, June 19, BTC was trading for $20,553 per unit, whereas the day before, on June 18, BTC hit a 2022 low at $17,593 per unit. The sentiment value has moved from the “severe fear” position into the “fear” zone ...
