'Extreme fear' - crypto market tanks, again, as international tension rises

A widely followed crypto sentiment indicator has fallen again, equalling its worst level in two and a half weeks.

The Crypto Fear & Greed Index readout was a 20, indicating “extreme fear”, as Vladimir Putin ordered troops into two separatist-held areas in eastern Ukraine.

The overall crypto market was down 3.3 per cent to US$1.77 trillion, its lowest level since February 4, amid the threat of war.

Bitcoin was trading at just over US$37,000, down 5.0 per cent from 24 hours ago, while Ethereum was changing hands for US$2,579, down 4.9 per cent.

Every coin in the top 100 on Coingecko was in the red except for Pax Dollar, which was flat, and Compound Dai (cDAI), which was up marginally.

Neo was the biggest loser, falling 17 per cent, and 35 cryptos in the top 100 were down by double-digits.

Internet Computer tokens were down 7.2 per cent to set a fresh all-time low at US$17.75 — down from around US$450 at launch nine months ago.

Ethereum Name Service had also set a new low, at US$13.87, down from over US$70 in November.

Buy more or rage quit?

Some were ready to walk away from it all.

I’m done with #Crypto Wouldn’t buy the dump even if I could afford it. Bear market began May 18/ 19 last year. WEF and UN will make us all go broke. Nothing is fair, unless you are wealthy. I will own nothing and be miserable.

— Matt Stephens (@phatmatt1776) February 22, 2022

Others were accumulating. Melbourne-based Ethereum educator Anthony Sassano tweeted that this was the buying opportunity of a lifetime.

It really does feel like 2019 again:

– Insane amounts of good crypto news
– Conferences packed w/ actual builders
– Short-term moonboys are gone
– Market isn’t reacting positively to any of it

Keep building and stacking – we all know what happened in 2020 👀

— sassal.eth 🦇🔊🐼 (@sassal0x) February 22, 2022