A decline in the bitcoin market!

A decline in the bitcoin market!

Traders' risk appetite in cryptocurrencies has improved, leading to an unexpected return to the upside. The cryptocurrency sector saw significant currency declines, with Bitcoin at the forefront.

High index of greed and fear of traders.

The decline in the cryptocurrency market coincides with a sudden shift in trader mentality, which led to a state of extreme panic and a rapid drop in prices, according to the investment platform. Within a few hours, the Fear and Greed Index fell by more than 9 points to 20. The Fear and Greed Index, which indicates traders' expectations about pricing moves, improved significantly on Sunday, rising to the fear level.

The market value of digital currencies fell in recent hours to $1,680 billion, with estimates ranging from $80 billion. During those moments, all 1 million unicorns dropped.

Bitcoin and other currencies are falling. 

Bitcoin fell below $38,000 but is still close after falling 4% at $37,000. Ethereum (ETH/USD) saw a 5% decline to $2.5000, followed by a 4% increase in a week and a 33% decline in January. The Binance Queen BNB/USD price fell 5% to $370 and 30% during the trading period at the end of January.

Cardano saw a 5% decline on Monday, after falling 23% in January. Solana lost 8%, Ribble 6%, Dog Queen 5%, and Terra Luna/USD 13%, while Polka Dot, Avalanche, Polygon MATIC/USD, and Sheba SHIB/USD all fell more than 8%.

Expert predictions about cryptocurrencies. 

Plane Bey, a well-known cryptocurrency specialist, recently stated that the cryptocurrency industry was not clear with the RSI constantly fluctuating. According to Blane Bey, although the market may experience losses, they are usually not severe. According to cryptocurrency expert Racket Capital, Bitcoin is currently seeing improved weekly and monthly closes.

Rackete believes that Bitcoin needs to be near $38.5K to confirm its upward trend. The Federal Reserve's decision to raise interest rates was expected by citizens and economists around the world. This could lead to higher borrowing costs in 2022, negatively impacting the prices of cryptocurrencies, including the most popular currency, Bitcoin.