Crypto Catch: Bitcoin Fear and Greed Index falls into ‘extreme fear’ territory

May 09, 2022 01:37 PM AEST | By Daniel Paul Johns

Crypto Catch: Bitcoin Fear and Greed Index falls into ‘extreme fear’ territory — Image source: © Elnur | Megapixl.com

Highlights

Bitcoin fell from just under US$40,000 on the 5^th of May to its current price of US$34,167 – its lowest price since July last year.

According to data from whale-monitoring platform WhaleStats, popular NFT token, Apecoin, is currently the most purchased altcoin of Ethereum whales, excluding stablecoins and Ethereum itself.

Bitcoin fell sharply over the weekend, after the wider crypto market lost over US$200 million.

Bitcoin fell from just under US$40,000 on the 5^th of May to its current price of US$34,167 – its lowest price since July last year.

Moreover, Ethereum and other top ten cryptocurrencies, including luna, solana, cardano and avalanche fell to lows not seen since January.

The crypto crash has triggered a sharp fall in market sentiment, with the Bitcoin Fear and Greed Index falling into "extreme fear" territory, dropping even further after trending lower through April.

Also Read: Why is the crypto market down?

Terra's luna, also crashed more than 20 per cent in the last week as the LUNA Foundation Guard bought US$1.5 billion in bitcoin to boost the reserves of its most popular stablecoin UST.

As the markets teeter, Ethereum’s biggest holders have been shifting their altcoin stacks.

According to data from whale-monitoring platform WhaleStats, popular NFT token, Apecoin, is currently the most purchased altcoin of Ethereum whales, excluding stablecoins and Ethereum itself.

According to data, whales have also bought up Loopring. Loopring is an Ethereum-based token, which allows for building decentralised exchanges. The average Ethereum whale has an average token quantity of 37,880 Loopring worth US$26,669.

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Data Source: CoinMarketCap.com, based on top 100 cryptos.

Note: Growth from the 24 hours prior to 12:30pm AEDT

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