Bitcoin Fear & Greed Index
BTC Fear and Greed peaked at 28/100 for two consecutive days last weekend and has been range bound in the 20’s due to market volatility. Currently, at 20/100 in the Extreme Fear zone, down 5 points since last week.
Full details of Bitcoin Fear and Greed Index are found here.
Market Reflections
The crypto market has endured a challenging week after hawkish comments by US Fed Chair Jerome Powel. Markets are anticipating large rate hikes with a “soft landing” no longer feasible, prompting a risk-averse response from investors. This saw a significant risk off event with US $1.25 trn being shed in a single trading day, more than the current market cap of crypto. Additional concerns arose after monthly tracking of US employment data showed private sector hiring was at its lowest since January 2021, another sign of uncertainty in the US economy. In our own backyard, the Reserve Bank of Australia is scheduled to announce the new cash rate on the 6th of September 2022, with expectations of a 50-basis point rise, moving the cash rate to 2.35%. The total cryptocurrency market cap has declined to 1.491 trillion representing a -4.61% decline since last week. Bitcoin is presently trading at AUD$29,308, keeping its market cap dominance crown at 37.61%, and Ethereum is trading at AUD$2275.82 with 19.44% of the overall market.
