The Bitcoin panic index is low, and Coinbase data says that whales are buying.

Today, fear, uncertainty and suspicion (FUD) in the bitcoin market are obvious. But this should not be the case, because such large fluctuations are nothing new and will happen again and again. However, the panic continues, as traders are worried about further losses and quickly close their positions. But what about cryptocurrency whales?

Crypto

Bitcoin panic index fell to a new low in 2019

According to Alternative.me, the BTC panic index, which measures fear and greed, fell to its lowest point since the 2018 cryptocurrency winter. The index fell to a low of 245 days, 13 and was marked as "extremely fearful."

1

(Bitcoin Panic & Greed Index, picture taken from: Alternative.me )

The last time this figure fell to such a low level was in mid-December last year, when Bitcoin prices fell to $3,200. This index ranges from 0 to 100. The lower the number, the “extreme fear” and the higher the “greed”.

The decline in this index is related to Bitcoin's fall below $10,000, which is the fourth time since the bitcoin price rebounded that it has fallen below the 4-digit level. The platform's index consists of five types of data: volatility, market momentum/volume, social media, surveys, market capitalization, and trends.

2

Larry Cermak, research director at The Block, observed that two-thirds of Coinbase users with a large amount of bitcoin chose to buy in the past 24 hours.

“Interestingly, according to Coinbase, 67% of the customers who hold a large number of BTCs (top 10%) chose to buy instead of sell in the past 24 hours.”

Similarly, he found that 88% of Coinbase's XRP owners had bought in the past 24 hours. Considering that the price of XRP has fallen to its lowest level in the past few hours in the past few hours, this will indicate that they may be bottoming out.

Bitcoin returns to $10,000

At least for Bitcoin, the recovery has begun. According to data from Tradingview.com, BTC returned to 4 digits in just 7 hours, again exceeding $10,000. The encryption market has changed so fast that most people miss out on the three-digit opportunity.

However, there is a good chance that there will be another chance, because some analysts believe that bitcoin prices will fall further and fall below $9,000. The price action in the short term will be crucial for the next step of the BTC. If you choose to buy more and more whales, then the price will soon pick up. Unfortunately, this is not the case for competitive currencies.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Bakkt also can't impact traditional cryptocurrency futures trading? - Coin, OKex, Matcha, and the same station

Text | Mutual Chain Pulse · Liang Shan Hua Rong Mutual chain pulse: Although Bakkt has not been able to detonate...

Blockchain

Coinbase CEO: Almost every economic field is struggling, and Bitcoin is the currency people need at this moment

Editor's Note: This article has been deleted without changing the original intention of the author. Coinbase, a ...

News

Twitter featured: Mancoin network suspected of being stolen 100 million US dollars, the official claims to maintain

01 CoinDesk Media News Lightning Labs released its first desktop application on the Bitcoin blockchain. Lightning Lab...

Policy

The Crypto Circus: A Bug’s Billion-Dollar Bonanza

During the 10th day of Sam Bankman-Fried's trial, talks focused on a software glitch and the allocation of funds for ...

Blockchain

Babbitt Column | Blockchain industry to land, these areas still need to be greatly improved

I. Status Although each of us hopes that the blockchain can land as early as possible, and from the daily news, it se...

Blockchain

Metropolitan Museum of Art in New York to return $550,000 FTX donation

According to Decrypt, the Metropolitan Museum of Art in New York has agreed to return hundreds of thousands of dollar...