Crypto Fear and Greed Index Hits Highest Level Since November 2021

Bitcoin's momentum has continued over the past seven days, and its assets are currently valued at around $34, an increase of over 200%. within a week. Bitcoin price it has not been this high since May 2022, when it was falling from its highest level on record. The growth trajectory was driven by continued excitement around the news regarding ETFs, which continued to buoy the market, peaking on Thursday when prices reached almost $35. dollars.

Ethereum has also seen gains over the past week – although on a much smaller scale compared to bitcoin, and is currently trading at around $1790 on eToro.

Waiting for the Fed's next move

Wednesday will bring the latest U.S. interest rate decision, with markets anxiously awaiting the Fed's next move. While a pause seems to be the most likely scenario and cuts seem still some way off, cryptocurrency watchers will no doubt see this as another key milestone as the crypto winter thaws. While interest rate decisions theoretically impact decentralized financial markets less, we have observed an inversely correlated trend where cryptocurrencies react in a similar vein to the S&P following increases Fed.

Although the price of cryptocurrency has declined over the last 18-24 months, we have seen significant price movement over the past week, and bitcoin crossed the key landmark of 32 dollars. Therefore, its reaction (or lack of reaction) to the latest announcement could bring more good news for the industry trying to recover from a long and difficult winter.

Taiwan is entering the crypto scene

Taiwan steps onto the scene with first reading of the Digital Assets Law - This week, Taiwan took its first steps towards regulating digital assets. The draft bill for the Virtual Asset Management Regulation will not only define what virtual assets are, but will also ensure customer protection, adhere to operational standards and require regulatory approvals.

Crypto Fear and Greed Index highest since November 2021  

That's according to the Crypto Fear and Greed Index, which rose to over 70 last week, the crypto resurgence may soon start to fade. Scores above 50 indicate greed, above 75 indicate extreme greed, with higher scores indicating greater confidence. However, some investors prefer to buy when confidence (and prices) are lower, so a rally in the index could represent a slight slowdown in activity as the market continues to warm.

6 million South Korean citizens. currently invests in cryptocurrencies

South Koreans are bucking this trend and avoiding cryptocurrency market leaders – new data from DeSpread Research showed that six million - or about 10 percent – South Korea's population is currently investing in cryptocurrencies, but shows a strong preference for alt coins and local tokens over cryptocurrencies with the largest market capitalization.