- Fear and greed index shows the Bitcoin market is less greedy at 66.
- This probably follows the recent drop in the market value of BTC.
The Bitcoin market has been in an “extremely greedy” state for the majority of days in 2021. Most BTC traders and investors probably got more bullish following the exponential increases in the market value of the cryptocurrency from the $20,000 level to over $50,000. However, after BTC reached an all-time high (ATH) above $60,000, it has struggled to reclaim that mark.
Yesterday, Bitcoin dropped from as high as $58,471 to the current price at $54,700 during press time.
All these coincided with the BTC fear and greed index, as the market is currently less greedy than it was yesterday.
F&G index shows the Bitcoin market is less greedy
The fear and greed index reflects the behavioral state of the Bitcoin market. There tend to be more greedy investors/traders in the market when the Bitcoin price skyrockets. When in extreme greed (i.e., 100), the market is likely due for a correction, while extreme fear (i.e., 0) indicates buying opportunity.
Judging by this, the Bitcoin market is currently less greedy, as the fear and greed index clicked “66.” This probably follows the recent decline in BTC price yesterday. As of Monday, when BTC traded above $58,000, the greed rate was 70, 71 in the past week, and 91 in the past month. The declining greed index shows the market is gradually returning to neutral.
Hence, Bitcoin price is likely to stabilize soon or face slightly more correction.
Bears in charge of the crypto market
The crypto market, in general, is dipping amid the decreasing price of BTC. At the moment, BTC market capitalization has reduced to $1.03 trillion, while the overall crypto market is down by nearly five percent to about $1.72 trillion. Major alternative coins are down as follows over the past 24 hours, Ether (-4.8 percent), Binance Coin (2.7 percent), Cardano (3.7 percent), Polkadot (4.4 percent), and so on.
Billionaire Mark Cuban Identifies Altcoin With ‘Most Upside’ As Bitcoin Blasts Above $60,000
As Bitcoin shoots above $60,000, business magnate Mark Cuban says one altcoin stands above the rest in terms of investment potential.
In a new interview with CNBC Make It, the billionaire says that Ethereum (ETH) is the best crypto prospect on the market.
“As an investment, I think Ethereum has the most upside.”
Cuban, who previously stated that smart contracts on Ethereum’s blockchain have revolutionized the cryptocurrency market, believes that the second-largest crypto by market cap is the digital asset which most resembles legal tender.
“I wish I had bought [Ethereum] sooner. I think it’s the closest thing we have to a true currency.”
Cuban went on to reiterate his position that Bitcoin (BTC) is superior to gold because not only is its supply scarce, but it’s easier to transfer, store, trade, and fractionalize. That sentiment is shared by fellow billionaire CEO Chamath Palihapitiya of Social Capital and Virgin Galactic.
Cuban’s comments come on the heels of him saying that customers prefer making payments in Dogecoin (DOGE) rather than BTC at his venues because Bitcoin tends to be a highly appreciable asset.
Ethereum is exchanging hands at $3,839 at time of writing, an 11% increase from its seven-day low of $3,431, according to CoinGecko.
ProShares Set for Bitcoin Futures ETF Launch on Monday After Apparent SEC Approval
The US Securities and Exchange Commission has reportedly greenlit the country’s first Bitcoin futures exchange-traded fund (ETF).
ProShares, an ETF provider, filed a post-effective amendment prospectus on Friday that states the company plans to launch the BTC Futures ETF on Monday, a sign that the SEC has approved the product.
The fund doesn’t invest directly in Bitcoin, but it provides price exposure to Bitcoin futures contracts, a first in the US.
Both Bloomberg and CNBC, citing people “familiar with the matter,” reported earlier in the week that the SEC planned to approve BTC futures ETFs from ProShares and the independent investment firm Invesco Ltd.
Invesco’s ETF is also set to provide exposure to a collection of exchange-traded products (ETPs) and private investment trusts that hold Bitcoin, rather than direct investments in BTC itself.
Last month, SEC Chairman Gary Gensler said he was open to ETFs for Bitcoin futures, noting that they are filed under mutual fund guidelines which provide “significant investor protections.”
Bitcoin is trading at $61,549.38 at time of writing and is up 6.6% in the past day and more than 40% in the past two weeks, according to CoinGecko.
BTC hit its all-time high of $64,804.72 in mid-April.
Bitcoin May See Real Peak If ETF Is Approved and I May Cash Out Half My ETH: CNBC’s Jim Cramer
Jim Cramer shares a common view that Bitcoin has the opportunity to reach a short-term peak or even a real peak if Bitcoin ETFs are approved next week.
Host of CNBC’s Mad Money, Jim Cramer, has talked to Andrew Sorkin from CNBC’s Squawk Box show about the prospects of the Bitcoin price if or when four Bitcoin futures ETFs get the SEC’s approval next week.
Cramer also stated that he may cash out half of his Ethereum stash.
SEC approval for ETF may push Bitcoin up, Cramer says
Answering Sorkin’s question, Cramer stated that a lot of people believe there is a high chance that the senior cryptocurrency, Bitcoin, may hit a short-term or even a real price peak if four BTC-based ETFs are approved by the SEC next week.
He corrected the host and said that the regulatory agency may approve not just one but four Bitcoin futures ETFs next week.
However, he stated that people are running ahead of a possible ETF approval.
"There's a possibility a lot of people feel that you can get a short-term peak, or maybe a real peak as people just run ahead of the ETFs," says @jimcramer on a #Bitcoin ETF approval. "I might cash out half my $ETH." pic.twitter.com/48MJP047yK— Squawk Box (@SquawkCNBC) October 15, 2021
Bitcoin spikes to $59,500 as chance for ETF approval emerges
Earlier today, the flagship digital currency, Bitcoin, soared to a multi-month high of $59,500 on the Bitstamp exchange. It happened after Bloomberg released a report, saying that so far the Securities and Exchange Commission has not objected to approving multiple Bitcoin futures ETFs that were submitted to it earlier this year.
The Bloomberg article stated that the information had been confirmed by multiple sources close to the SEC and to the matter in question.
The media giant’s ETF analyst, Eric Balchunas, believes that the likelihood of Bitcoin ETFs getting the green light has now risen to more than 90%. Still, he is not ready to “close the case” yet.