The index was in a greedy state until recently, but the landscape has changed.
One might think at first that this would actually be beneficial for the primary cryptocurrency as it showcases that even giants from the traditional financial world could implode just as easily and violently as something like the Terra ecosystem. After all, BTC emerged following the largest US banking collapse in history to be something of an alternative. And SVB became the second loudest such explosion.
However, it turned out that some crypto firms had exposure to the failed bank. One of those names is Circle – the industry giant behind the second-largest stablecoin – USDC. As popped out that the firm held at least $3.3 billion in SVB, the native stablecoin lost its dollar parity and plummeted to and below $0.9.All of this affected bitcoin’s price, and it dropped all the way down to $19,500 yesterday. This became its lowest position in two months. Naturally, the overall sentiment changed once again, showcased by the Fear and Greed Index.
The metric, which takes into consideration different factors, such as volatility, social media comments, surveys, etc, declined to 33 – a state of fear. Just for reference, it was above 55 in February, showing a greedy sentiment, and was around 50 last week – neutrality.
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