Bitcoin, the largest cryptocurrency by market cap, fell below $50,000 as it was trading around $45,000 on December 3. After the fall in Bitcoin price, extreme fear just installed itself among traders and investors.
The Crypto Fear and Greed Index, the platform that measures fear and greed or the crypto market behavior, has revealed the market emotion, which is currently on “extreme fear” territory.
According to the most recent index, which is a tool for measuring market sentiment, Bitcoin has dropped to just 16 points, the lowest level since July.
Aside from the last drop on December 3, Bitcoin also plunged sharply lower on December 4, revisiting the $42,000 level for the first time since October.
In addition, the king cryptocurrency has failed to recover the $50,000 level, currently trading at $48,938 on CoinMarketCap.
For instance, on November 9, the index reached 84 points, the highest so far, and it happened just one day before Bitcoin reached its current all-time high above the $69,000 level.