Bitcoin rises above $78,000, Fear & Greed Index exits ‘extreme fear’ zone
Bitcoin surged past $78,000, driven by ETF inflows and easing geopolitical tensions, lifting the Fear & Greed Index from extreme fear.Summary
Bitcoin has surpassed $78,000, with Ethereum and other major cryptocurrencies also seeing gains, attributed to strong exchange-traded fund (ETF) inflows and reduced geopolitical tensions. Analysts suggest that the price increase was further amplified by the liquidation of short positions after Bitcoin broke the $75,000 mark. Spot Bitcoin ETFs have experienced consistent net inflows, totaling approximately $1.8 billion over three weeks, and Michael Saylor's company has become the largest institutional Bitcoin holder. The easing of concerns regarding a U.S.-Iran ceasefire deadline has improved crypto market sentiment, as indicated by the Fear & Greed Index rising to 33 from an 'extreme fear' low of 8. However, analysts caution that sustained upward momentum and a shift to a bull cycle will require continued positive market developments, including Bitcoin holding key price levels and increased liquidity and altcoin participation.
(Source：The Block)