Extreme fear is ruling the crypto sentiments

The prevailing pandemic has brought not only the crypto sentiments but also the global economy and sentiments to a screeching halt. Not only the stock markets were hugely impacted, but the crypto markets had to face the wrath of the coronavirus also.

However, it was observed that Bitcoin and the other cryptocurrencies had staged a strong recovery. Although the price of crypto keeps on climbing, yet the Fear and Greed Index displays that the sentiment does not look promising. As a matter of fact, since this measuring index was launched, it now reached the longest stretch of the extreme fear

Fear of Coronavirus crushing crypto sentiments

After the coronavirus outbreak was dubbed as a pandemic, it not only wreaked havoc on the health sector but also the global economy. From stock markets to the crypto market, precious metals to bonds, everything suffered an intense sell-off. The state of panic accelerated the fear, and that fear was reflected in the fearful crypto sentiments.

In these trying times, many seasoned investors reminded with the adages that when things get scary, then it is the right time to buy. Warren Buffet endorses such adages wholly.

So, this is pretty obvious that when the extreme fear prevailed everywhere, someone was busy buying Bitcoin when the value rallied from $3,800 to above $7000 before the pullback.

Although, the king of crypto may have doubled in price, yet the fear and panic still loom over the crypto investors, as the pandemic is still prevailing all over the globe.

Crypto Fear and Greed Index still indicates that the crypto market not only is still experiencing extreme fear, but the period of this extreme fear has stretched to its longest.