Crypto market sentiment has dropped to its lowest stage in nearly six months after US President Donald Trump introduced a 100% tariff on China.
The Crypto Concern & Greed Index, which gauges total market sentiment, fell to a “Concern” stage of 27 in its Saturday’s replace, representing a decline of 37 factors from Friday’s “Greed” studying of 64.
The decline got here as Bitcoin (BTC) briefly dipped to $102,000 on the Binance perpetual futures pair following Trump’s announcement of sweeping tariffs on Friday.
Over the previous 24 hours, roughly $19.27 billion price of lengthy and brief positions have been liquidated throughout the crypto market, in keeping with CoinGlass.
Crypto market is flashing robust “shopping for sign,” says analyst
In an X put up on Friday, Bitwise European head of analysis, Andre Dragosch, stated that the corporate’s intraday crypto asset Sentiment Index simply “generated a powerful contrarian shopping for sign.”
“The index reached an intraday low of -2.8 customary deviations – its lowest stage because the ‘Yen Carry Commerce Unwind’ in the summertime of 2024,” Dragosch stated.
The final time the Crypto Concern & Greed Index was this low was April 16, shortly after Bitcoin tumbled to $77,000 amid uncertainty escalating round commerce tensions.
Simply days earlier than, on April 9, Trump introduced a 90-day pause on increased reciprocal tariffs, reverting the tariffs to the ten% baseline for many international locations.
Earlier this week, the Index was in “Greed” territory after Bitcoin reached new highs of $125,100 on Monday.
Bitcoin’s current highs didn’t result in euphoria
Nevertheless, Santiment analyst Brian Quinlivan identified on Friday that Bitcoin’s current all-time highs didn’t generate the identical stage of enthusiasm on social media as earlier all-time highs.
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“It was like a modest, run-of-the-mill response from the crypto viewers,” Quinlivan stated in an interview with the Pondering Crypto podcast revealed to YouTube on Thursday, referring to the extent of bullish feedback throughout social media after Bitcoin reached new highs of $125,100 on Monday.
“Actually wasn’t a lot of something,” Quinlivan stated. “It’s not almost as euphoric as a few of these earlier ones,” he added.
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