Time to Buy? Bitcoin Fear & Greed Index Shows ‘Extreme Fear’

  • Fear & Greed Index turns to 'Extreme Fear' as crypto markets shed $20 billion.
  • Market sentiment analysis points to investors being "too worried" about the price of bitcoin. 

The Fear & Greed Index for the crypto markets, which aggregates investor sentiment towards the industry, has tipped to ‘Extreme Fear’ for the first time since the end of last month.

Despite the crypto markets shedding more than $20 billion over the last two days, market sentiment analysis is pointing towards a potential time to invest.  While most investors see the falling price of bitcoin and altcoins as an indicator to start worrying, the Fear & Greed Index poses a different perspective by analyzing investor emotion in addition to market behavior. 

bitcoin fear and greed indexBitcoin Fear & Greed Index Oct. 24

According to the index, 

The crypto market behaviour is very emotional. People tend to get greedy when the market is rising which results in FOMO (Fear of missing out). Also, people often sell their coins in irrational reaction of seeing red numbers. With our Fear and Greed Index, we try to save you from your own emotional overreations.

The index says that ‘Extreme Fear’ can be a sign that investors are “too worried,” which could represent a potential buying opportunity. Likewise, when investors get greedy and the index flips to ‘Extreme Greed,’ it can indicate that the market is due for a correction. 

The Fear & Greed index pulls data from market volatility, volume and dominance, in addition to assessing social media and survey responses. 

Featured Image Credit: Photo via Pixabay.com

Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.