Happy New Year, CryptoChickZ friends! 🎉
2024 is off to a fascinating start in the world of cryptocurrency. The market sentiment has dramatically shifted towards greed, indicating a bullish stance among investors. The Fear and Greed Index, a key measure of investor sentiment, has hit a high of 71 out of 100, placing us firmly in a period of greed for Bitcoin (BTC) investors. This surge in sentiment comes as Bitcoin breaks past the $45,000 resistance level, fueled by growing anticipation around potential spot Bitcoin exchange-traded funds (ETFs).
The Fear and Greed Index uses a variety of factors, including market momentum, social media buzz, and overall trends, to gauge the mood of the market. On its scale, a score of 0 means extreme fear (potentially a good buying opportunity), 50 is neutral, and 100 signals extreme greed (a sign of potential market correction).
Currently, at 71, the index suggests that we might be edging towards “extreme greed.” This could mean that the current rally might not sustain for long, and investors should perhaps be cautious. The fear of missing out (FOMO) is real, especially when BTC prices soar, leading to impulsive buying and selling.
In the last 24 hours, BTC has seen a 7% increase, reaching its highest level since April 2022. This spike has brought the total crypto market cap to $1.82 trillion, its highest since May 2022, though still 40% down from its all-time high.
Interestingly, with Bitcoin trading above $45,000, we’ve seen over $140 million in liquidations, affecting around 45,000 traders. Most of these liquidations were from short positions, with the largest single order valued at $10.16 million.
The excitement in the market is largely due to the numerous pending applications for spot Bitcoin ETFs. Financial giants like BlackRock, Ark Invest, Fidelity, Grayscale Investments, and others are all in the race to launch the first U.S. spot Bitcoin ETF. The crypto community is eagerly awaiting the SEC’s decision, expected between January 8 and 10.
Here’s to a thrilling start to 2024! Stay tuned for more updates and insights.
Hugs,
Annika
Annika, The WebMistress
Dive deep into the digital realm, and you’ll find legends that have shaped the very fabric of the internet. Among them stands Annika, renowned as one of the pioneering WebMistresses in the European sector. With a digital footprint that traces back to the early days of the web, Annika’s influence is undeniable and far-reaching.
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Join her on this journey, and discover the endless possibilities that the digital world holds.
