Bitcoin price yesterday tanked by 10% and this week alone fell 17% from high to low. The 24-hour collapse not only cut down valuations across crypto but it also immediately turned sentiment from extreme greed, to fear.
With three days left until the weekly close, and the market suddenly frightened, are things about to turn around over the Labor Day weekend?
24 Hour Crypto Market Collapse Sends Sentiment From Extreme Greed To Fear In A Flash
Because the crypto market is comprised of a wide range of investor types, and asset valuations are based on speculation primarily, the market is susceptible to fast and violent price movements. This volatility has made Bitcoin and other altcoins especially risky, but also exceptionally profitable.
Bitcoin price often takes off on a parabolic rally that’s almost impossible to stop once it gets going. It is only when investors begin seeing money signs everywhere they look. When money seems too easy to be true, it often is, and its a sign that it is about to come to an end.
Related Reading | Be Fearful: Crypto Market Greed Reaches Second Highest Point In History
The crypto market has been farming $1,000s of dollars worth of ETH from made up coins that don’t have any use case. These same investors are sitting in fat profits from Bitcoin, Ethereum, Chainlink, and many more, all up over 50% year-to-date.
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