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BTC Fear & Greed Index Falls into Extreme Fear on Binance Withdrawal

Skylar Shaw

Nov 10, 2022 16:40

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Bitcoin (BTC) fell by 14.20% on Wednesday. BTC finished the day at $15,923 after falling by 9.95% from Tuesday. The day ended with BTC trading below $16,000 for the first time since November 15, 2020, which is notable given that its losing streak had now lasted four sessions.


BTC fell from an early high of $18,600 to a late low of $15,588 while trending downward the entire day. BTC breached the First Major Support Level (S1) at $16,769 during the prolonged sell-off that brought it to a new 2022 low and concluded the day at $15,923.


Before the news came that Binance was abandoning the deal, market anxiety over the FTX liquidity crisis, contagion concern, and the prospect of heightened regulatory scrutiny impacted on BTC and the larger market.


The market's response to FTX's demise and the escalating bankruptcy danger resulted in a greater decoupling from the NASDAQ Composite Index. As risk appetite was put to the test by the midterm elections on Wednesday, the NASDAQ declined by a relatively moderate 2.48%.


As BTC returns to under $16,000, the Fear & Greed Index drops to 22/100.


The Fear & Greed Index dropped from 29/100 to 22/100 this morning. The Index entered the Extreme Fear zone once more after a further BTC sell-off.


The news of Binance bailing out of the deal shook investor confidence after the FTX liquidity crisis. If FTX can't close an alleged $8 billion shortfall, it risks going out of business.


The consequences will be severe for one of the top exchanges and are likely to reduce investor trust for some time. The FTX story will continue to dominate the market in the short term.


In order to support a recovery to 40 and a transition into the neutral zone, the Index would need to stay above sub-20/100. BTC would, however, be at risk of trading below $10,000 if the price dropped below 20/100. In the absence of a bailout for FTX, the slide from 40 on November 6 points to further downside for BTC.

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