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Last month, statistics showed that the Crypto Fear and Greed Index (CFGI) had a score of 25, indicating “extreme fear”. Thirty days later, with a 39% increase in bitcoin prices against the US dollar, the current CFGI score as of January 30, 2023 is 61, reflecting “greed.”
Crypto Fear Index Switches to ‘Greed’, Etoro Market Analyst Attributes Bitcoin’s Rise to Shift in Investor Expectations
Records show bitcoin (BTC) saw significant growth in value in the first month of 2023, rising 39% against the US dollar. On January 29, 2023, BTC hit a 30-day high of $23,954 per unit, with prices ranging from that value to a low of $22,988 over the past 24 hours. This rise significantly boosted the Crypto Fear and Greed Index (CFGI) hosted on alternative.me, moving it from the “extreme fear” zone to the “greed” zone during the month.
Last week, CFGI records showed a score of around 50, indicating “neutral”, according to alternative.me. Seven days later, the CFGI score rose to 61, meaning “greed.” The website states that when crypto investors get too greedy, it signals that the market needs to undergo a correction. The CFGI score has remained above the neutral 50 range since Jan. 23, 2023, after spending significant time below 45 before Jan. 14, 2023. On Monday, bitcoin (BTC) prices saw weakness through against the US dollar as traders took profits.
Crypto Fear and Greed Index (CFGI) chart from January 30, 2023.
In a memo sent to Bitcoin.com News, Etoro market analyst Simon Peters attributed the halt in crypto price declines to a change in investor expectations for inflation and currency bulls. Federal Reserve interest rate. Peters also noted that financial institution Goldman Sachs “has issued a positive note on Bitcoin,” citing a recently released market performance sheet, which shows Bitcoin outperforming all other major asset classes, including gold. , real estate and emerging markets.
“Bitcoin has performed extremely well so far in 2023, rising almost 43% since January 1 on the eToro platform. Since its lowest point of last year – $15,523 – hit on November 9, it has risen just over 50%,” Peters wrote. “With inflation and interest rate expectations now turning, most asset classes have halted declines seen in 2022 as investors start to think ‘where next’ for their portfolios beyond the crash. of the 2022 rate hike,” added the Etoro market analyst.
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What do you think is causing bitcoin prices to rise and the Crypto Fear and Greed Index to move towards “greed”? Share your opinion in the comments below.
Jamie Redman
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