Key Takeaways
- The Crypto Fear & Greed Index has soared to 72, a level of optimism not seen since Bitcoin reached its all-time high last year.
- The renewed market confidence is partially driven by speculation around the potential approval of BlackRock's Bitcoin spot ETF by the SEC.
According to the Crypto Fear & Greed Index, the market sentiment surrounding Bitcoin (BTC) and other cryptocurrencies has surged to heights not witnessed since BTC reached its all-time high of $69,000 in November 2021.
On October 25th, the index stood at 72, suggesting a bullish market atmosphere.
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The index has shown a notable increase, jumping six points since October 24th and 16 points from a 50-point "neutral" rating recorded on October 18th.
This rejuvenated market confidence is closely associated with growing speculation that BlackRock's Bitcoin spot exchange-traded fund (ETF) may soon receive approval from the United States Securities and Exchange Commission (SEC).
On October 24th, Bitcoin experienced its largest single-day rally in more than a year, registering a 14% daily gain and momentarily surpassing the $35,000 price point.
This upward trajectory in Bitcoin's price is significant, as the last time the Crypto Fear & Greed Index hit 72 was on November 14th, 2021, just four days after Bitcoin's all-time high price of $69,044.
It's worth noting that the index plunged to its lowest-ever score of 7 on June 16th, 2022. This happened in the aftermath of the implosion of Do Kwon's Terra ecosystem, which had ripple effects across the crypto market, affecting entities like Three Arrows Capital and Voyager Digital.
The Crypto Fear & Greed Index indicates that confidence in the cryptocurrency market, especially around Bitcoin, has risen significantly. This sentiment is buoyed by promising developments such as potential ETF approvals, and it could herald a bullish phase for Bitcoin and the broader crypto landscape.
