The crypto markets as off Tuesday 21st September 2021, showed an about 10% drop in entire market price, this is following the fears raised by the Evergrande crisis which also swept through the global markets.
Bitcoin’s price continued to suffer in the past 24 hours as the asset dumped below $40,000 for the first time since early August. Most altcoins also followed, with ETH standing beneath $3,000 and SOL dropping by more than 6%.
As of now, Bitcoin has recovered a few thousand dollars and stands above $42,000. However, its market capitalization is down to $800 billion after challenging the $1 trillion mark two weeks ago.
This has been trying times for the crypto markets, and right now the fear and greed index is currently showing that investors are loosing faith in the markets, with the Bitcoin fear and greed index pointing at fear.
The BTC fear and greed index is an indicator that measures the sentiment and emotions of the market based on various sources, and displays them on a numeric meter.
The metric uses a system with 0-100 as values, where low values indicate fear in the market, and higher ones show greed.