It’s been an undeniably difficult May in the financial markets, with crypto no exception.
The majority of leading cryptocurrencies are in the red as we approach June, with the recent collapse of the LUNA stablecoin adding to fears about inflation and the uncertain economic climate that are also plaguing investors in traditional stocks.
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The markets do appear to have at least taken a welcome breather so far this week, with Bitcoin stabilising somewhat in the $28,000-30,500 range. The price of Bitcoin currently stands at around $29,700 at time of writing, up one per cent since this time yesterday.
This is reflected in the Bitcoin Fear & Greed Index that measures investor sentiment, which has been stuck in the “fear” zone over the past month and dropped to its second-lowest recorded fear level of ‘8’ in the index’s history last week. The Fear and Greed Index has been live since February 1 2018, and has touched ‘8’ on only four previous occasions. The index has since recovered slightly, currently sitting at 11. They remain unusually low, but the recovery suggests that extreme bearish sentiment could be starting to wane.
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.