Bitcoin price falls below $70,000, fear still controls investors’ souls

Even though more than 17 years have passed since its inception, Bitcoin is still viewed as a risky and unreliable asset amid global crises.

This is happening amid the COVID-19 pandemic, trade wars, and the military wars currently underway, and it cannot keep up with gold, silver, or other safe havens.

At the time of writing, Bitcoin is trading at $68,000, down 3% in the past 24 hours. This level is the lowest in 3 weeks. For your reference, Bitcoin prices previously hit their lowest level in a year and a half in February at $60,000.

There is fear in the market:

Given the current geopolitical situation and ongoing wars, many investors are fleeing risky assets such as Bitcoin and moving to more stable assets, or to benefit from the current situation and moving to assets that have surged recently, such as oil and gas and shares of international logistics companies…

The fear and greed index fell significantly, with the extreme fear index falling to 10. The index’s readings are based on:

Of course, there’s volatility, trading volume, momentum on social media, Bitcoin’s market dominance, and Google Trends data on cryptocurrencies.

Also read:

Six years after Bitcoin’s worst crash: How much profit would you have made from the currency if you had continued to hold it today?

The digital currency TAO surged by more than 12%, and the price of Bitcoin approached US$72,000