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Investors’ sentiments in the cryptocurrency market have become extremely negative. The “fear and greed” index hit 21 out of 100 on Tuesday – the lowest level in seven months, indicating “extreme fear” in the market.
The drop came after the price of Bitcoin fell below $106,000 for the first time in three weeks, dropping to $105,540. At the time of writing, Bitcoin is trading in the $106,500 range.
Analysts attribute the recent drop to a decline in institutional demand, a drop in activity on the Bitcoin network, and concerns about the contractionary policies of the Federal Reserve. Although the Central Bank of America has reduced the interest rate for the second time this year, it has announced that there will probably not be another reduction in 2025; An issue that has caused disappointment in the market.
Meanwhile, Bitcoin ETFs have also experienced about $800 million in outflows over the past week. This situation has intensified the bearish sentiment among retail investors, although some still hope that in November, the crypto market will see significant growth in accordance with its historical patterns.
Cointelegraph
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