The Bitcoin Fear and Greed Index continues to decline in line with the decline experienced by the markets.
The index, developed by Alternative.me, has fallen below March 2020 levels.
The index continues to decline with the intervention of the bears. The Fear and Greed Index has dropped to 8/100. The last time the index was this low was in August 2019.
The index is currently in the “Extreme Fear” zone. The index, which was at similar levels last May, dropped to 5/100 in August 2019.
Interestingly, even when the Bitcoin price was trading at $3,150, investors were more optimistic about the asset’s performance.
This recession also broke the record. For the first time, the index has been in the “Extreme Fear” zone for more than six weeks in a row.
One of the biggest catalysts of this decline was the Terra disaster. Terra’s massive collapse has damaged confidence in the crypto industry.
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