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The crypto fear and greed index moved to the fear zone of 34 this week as Bitcoin and different cryptocurrencies plunged. Bitcoin moved under $26,000 as it skilled its worst week of the 12 months. Other cryptocurrencies like Ethereum, Cardano, and Oasis Network additionally slipped, bringing the overall market cap to $1.02 trillion.

Fear and greed index slipped

The fear and greed index is without doubt one of the most distinguished sentiment gauges within the monetary market. The preliminary index was created by CNN Money to present sentiment within the inventory and bond market. It appears to be like at necessary gauges just like the CBOE VIX index, put and name choices, and inventory worth breadth amongst others.

The crypto fear and greed index, however, appears to be like at a number of necessary measures within the trade. Some of an important issues it appears to be like at are social media exercise, volatility, momentum, and dominance.

In most intervals, the crypto fear and greed index often rises when Bitcoin and different cryptocurrencies are rising. It then retreats sharply when Bitcoin and Co are falling. For instance, the index remained on the impartial stage of fifty when BTC remained on the consolidation section of $29,000.

Some analysts consider that cryptocurrencies will bounce again within the coming weeks. They cite the very fact most large Bitcoin holders, popularly identified as whales, have continued holding their positions and haven’t offered throughout the latest sell-off. 

In a Twitter publish, the top of Pantera Capital argued that Bitcoin has stayed in depressed ranges for thus lengthy. He now expects that BTC will bounce to $35,000 within the close to time period and then surge to $150k by the following halving occasion.

#Bitcoin just lately skilled the longest interval of adverse year-over-year returns in its historical past, lasting 15 months.

The longest interval prior was just below a 12 months.

Our view is that we’ve seen sufficient – there’s simply so lengthy markets might be down.

More: https://t.co/REfxkTp9CJ pic.twitter.com/UCEMMcznAM

— Dan Morehead (@dan_pantera) August 23, 2023

Chancer token sale positive aspects steam

Another signal that there’s curiosity in cryptocurrencies is the rising demand for token gross sales. Chancer, is a brand new firm looking for to disrupt the fast-growing and extremely fashionable industries. The firm has raised over $1.65 million from buyers previously few weeks. You can purchase the Chancer token here.

Chancer is aiming to change into the largest participant within the sports activities betting and prediction trade. This is a big trade that was estimated price over $91 billion in 2023. In a report, FMI estimated that the trade may have a compounded annual progress fee (CAGR) of 10% by 2030 to over $245 billion.

Today, the sports activities betting trade is dominated by extremely centralized corporations like FanDuel, DraftKings, BetMGM, and Caesars. Internationally, among the best-known manufacturers are corporations like Bwin, Bet365, and William Hill amongst others.

While these corporations work nicely, there may be all the time room for disruption, particularly utilizing the blockchain know-how. This is the hole that Chancer is aiming to fill utilizing blockchain know-how.

Instead of customers being simply clients, they’ll personal the ecosystem for the reason that community will use a decentralized autonomous group (DAO) mannequin. To obtain this, Chancer might be powered by the $CHANCER token. Holders may have necessary privileges like making selections within the ecosystem.

Further, $CHANCER holders may have an opportunity to earn money by creating markets and livestreaming them. Some analysts consider that the community might be a sport changer if it really works. You can learn the Chancer white paper here.