However, the BTC prices have recently consolidated and have been trading around $68,000 in the past few weeks in the cryptocurrency market.
Below, BTCRead used the Fear & Greed index data from Coincodex to show that the market sentiment remained bullish.
The Crypto Fear and Greed Index is currently at 73, a level that represents extreme greed in the market. This high level of greed indicates that traders and holders have a high-risk appetite and buy more BTC.
As of the time of writing this article, Bitcoin is sitting at $67,609 and is still holding near its record high. It is very affordable, and it only costs $7. It is 21% below its previous peak levels or could even be on its way to reaching or going past its previous levels. Interestingly, the trading volume has decreased, so most BTC owners are not interested in selling them.
Bitcoin holders show profits, increasing potential selling pressure
The prices of Bitcoin have remained relatively stable recently and have been trading at around $68,000 in the market for the past several weeks.
Analyzing the Fear & Greed index provided by Coincodex, BTCRead found that the market sentiment has stayed positive. Currently, the crypto fear and greed index has a value of 73, which is a sign of extreme greed in the market. This high level of greed indicates a high risk-taking propensity among the traders and holders, who are probably amassing more BTC.
At the time of writing, one Bitcoin is trading at $67,609 and has not deviated much from its all-time high (ATH). The cost is very affordable at $7$ only. It is currently 21% below its previous high and could be on the path to exceeding it. Also, the trading volume has declined, suggesting that most investors are unwilling to sell their BTC and prefer to keep it.
Miner revenues increase, reducing the need for Bitcoin sales
The BTC miners have been receiving a much-needed boost in their performance levels. Recent data from Blockchain. A comparison made by Com indicates that the company’s daily revenue has increased from $28,435,048 to $32,241,234. This has allowed them to continue their mining operations without selling the mined Bitcoins to meet expenses.
Another significant event in the crypto space was Hashdex’s withdrawal of its application for a spot Ether ETF just weeks after the SEC approved such products. This move may indicate that Hashdex is looking to diversify from Ether-based ETFs as its primary product line.
The SEC’s approval of spot Ethereum ETFs might mean that the SEC has classified ether as a non-security. This classification comes after several Ethereum-based ETFs have been approved, including BlackRock’s iShares Ethereum Trust. These shifts have had diverse effects on the cryptocurrency market and investors’ and traders’ sentiment.
