By Jamie Redman
On January 8, 2022, the price of bitcoin dropped to $40,517 per unit just after 1 p.m. (EST) on Saturday afternoon. According to the Crypto Fear & Greed Index (CFGI), sentiment shows “extreme fear” is in the air, and the CFGI score is a 10. The last time the CFGI score was this low was 171 days ago on July 21, 2021.
Current CFGI Sentiment Shows ‘Extreme Fear’ — Bitcoin’s Price 39% Lower Than All-Time High
Digital currency markets shed billions in value this past week and the leading crypto asset bitcoin (BTC) lost close to 10% during the last seven days. On Saturday, January 8, 2022, the price hit its lowest point since the end of September 2021, tapping a low of $40,517 per unit this afternoon.
Bitcoin’s global trade volume on Saturday is roughly $23.6 billion. BTC’s largest trading pair is tether (USDT) which commands 61.46% of all trades today. This is followed by USD (14.73%), BUSD (6.79%), KRW (3.64%), JPY (3.27%), and EUR (3.21%).
BTC’s top exchange on Saturday is FTX.US, followed by Coinbase, Bitfinex, Kraken, and Bitstamp. BTC’s global trade volume today only represents 23.69% of the $99.6 billion in trades among all the assets in the crypto economy. While BTC commands $23.6 billion in trade volume, tether (USDT) captures $46.7 billion in trade volume worldwide.
Bitcoin Fear and Greed Index is 10 – Extreme Fear
Current price: $42,290 pic.twitter.com/j477q3iSjV
— Bitcoin Fear and Greed Index (@BitcoinFear) January 8, 2022
BTC’s 24 hour range on Saturday has been between $40,517.66 to $42,702.09. The Crypto Fear & Greed Index (CFGI) hosted on the web portal alternative.me indicates the current CFGI score is 10. This points to “extreme fear” as the tool “analyzes emotions and sentiments from different sources and crunch them into one simple number.”
The CFGI score hasn’t been this low since the summer, on July 21, 2021, which was roughly 171 days ago. The score has changed a great deal since even yesterday, when the CFGI recorded the “extreme fear” sentiment score at 18. Last week the CFGI score was 21, and 30 days prior it was 29.
Year-to-date, bitcoin (BTC) on Saturday, January 8, 2022, BTC is only up 6.4%. However, BTC is down 39% lower since its all-time high (ATH) two months ago on November 10, 2021. Bitcoin is up, however, 61,932.6% since July 6, 2013, or eight years ago when it was $67.81 per coin.
What do you think about the Crypto Fear & Greed Index score today? Let us know what you think about this subject in the comments section below.