Crypto fear and greed falls to 34 as Chancer raises $1.65M

The crypto fear and greed index moved to the fear zone of 34 this week as Bitcoin and other cryptocurrencies plunged. Bitcoin moved below $26,000 as it experienced its worst week of the year. Other cryptocurrencies like Ethereum, Cardano, and Oasis Network also slipped, bringing the total market cap to $1.02 trillion.

Fear and greed index slipped

The fear and greed index is one of the most prominent sentiment gauges in the financial market. The initial index was created by CNN Money to provide sentiment in the stock and bond market. It looks at important gauges like the CBOE VIX index, put and call options, and stock price breadth among others.

The crypto fear and greed index, on the other hand, looks at several important measures in the industry. Some of the most important things it looks at are social media activity, volatility, momentum, and dominance.

In most periods, the crypto fear and greed index usually rises when Bitcoin and other cryptocurrencies are rising. It then retreats sharply when Bitcoin and Co are falling. For example, the index remained at the neutral level of 50 when BTC remained at the consolidation phase of $29,000.

Some analysts believe that cryptocurrencies will bounce back in the coming weeks. They cite the fact most big Bitcoin holders, popularly known as whales, have continued holding their positions and have not sold during the recent sell-off. 

In a Twitter post, the head of Pantera Capital argued that Bitcoin has stayed in depressed levels for so long. He now expects that BTC will jump to $35,000 in the near term and then surge to $150k by the next halving event.

#Bitcoin recently experienced the longest period of negative year-over-year returns in its history, lasting 15 months.

The longest period prior was just under a year.

Our view is that we’ve seen enough – there’s just so long markets can be down.

More: https://t.co/REfxkTp9CJ pic.twitter.com/UCEMMcznAM

— Dan Morehead (@dan_pantera) August 23, 2023

Chancer token sale gains steam

Another sign that there is interest in cryptocurrencies is the rising demand for token sales. Chancer, is a new company seeking to disrupt the fast-growing and highly popular industries. The company has raised over $1.65 million from investors in the past few weeks. You can buy the Chancer token here.

Chancer is aiming to become the biggest player in the sports…