The Crypto Fear and Greed Index slipped to the neutral point of 56 as the recent rally in the industry took a breather. Bitcoin slipped to $115,000, while the market cap of all coins dropped to $3.9 trillion.
Crypto Fear and Greed Index Has Slipped
The Crypto Fear and Greed Index is a popular gauge that looks at sentiment in the crypto industry. It is modeled using the same principles that guide the broader CNN Money Index, which focuses on key sub-indices, including the VIX, stock price breadth, and the put-call ratio.
The Crypto Fear and Greed Index typically provides more insight into the sentiment of the industry. It typically rises when market participants adopt a risk-on sentiment and falls when they become hesitant.
The index has dropped recently because of the ongoing crypto sell-off, with Bitcoin and most altcoins plunging. Bitcoin has dropped below $120,000, while top tokens like Solana, Cardano, and Shiba Inu have fallen by double digits.
It has also dropped, potentially as market participants wait for the upcoming FOMC minutes and Jerome Powell’s statement at the Jackson Hole Symposium in Wyoming.
It is worth noting that most crypto bull runs start when the Fear and Greed Index is in the neutral or fear zones. They are then confirmed when they move to the greed and extreme greed areas.
Bitcoin Penguins Gains Momentum
The ongoing crypto crash has not prevented investors from piling into Bitcoin Penguins (BPENGU), one of the fastest-growing tokens in the industry.
Bitcoin Penguins aims to replicate Shiba Inu’s success for the dog community. It leveraged the success of Dogecoin to become one of the biggest players in the crypto industry with a market cap of over $7 billion today.
BPENGU is inspired by the success of Pudgy Penguins, which has become a $2.2 billion cryptocurrency. It has jumped by over 500% from the lowest level this year, a trend that may continue this year.
Bitcoin Penguins may even become a bigger coin than PENGU because it leverages the popularity of Bitcoin, a cryptocurrency known for its store of value characteristics. This explains why it has raised over $3.7 million in the last three weeks.
As part of its strategy to leverage Bitcoin’s success, BPENGU is awarding four units of Bitcoin during the ongoing token sale, with a draw happening every Tuesday. This competition has already attracted over 64,000 people from around the world.
The other reason for its success is the staking feature, where users lock their token for 1 month and earn a 50% return, 2 months for an 80% return, and 3 months for a 100% return. Hurry up and buy BPENGU here.
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