00:00 Speaker A
It’s time now for Chart of the Day. Let’s send it over to Brad Smith for a look at Bitcoin nearing the $100,000 mark, hey Brad?
00:07 Brad Smith
Yeah, long time viewer of Chart of the Day, first time charter here. So, let’s take a look first at that key level, which is 100,000. And yeah, we we’re able to break through that earlier on in the year. A lot of the fervor coming off of the election, and then, as you heard some of the announcements from the incoming administration, and then, uh once President Trump was inaugurated and took office, retook office, it was about, okay, will these things be followed through on? What will this Bitcoin strategic reserve look like? What is it in activity? Are they purchasers of Bitcoin? And how does that add to the balance sheet as well? All of these things considered, we’ve been waiting for more clarity on some of those at the same time that we’ve been seeing this derisking of assets that’s taken place both in equity markets and in the crypto landscape as well. And so, one of the things that I was tracking here was specifically, while we’re trying to get back to that 100,000 mark, is this fear and greed index. And this comes from CoinMarketCap, and it essentially kind of looks at the price momentum, volatility, derivatives market, and market composition, and assesses all of this data to really get a sense of where we are in this fear and greed mindset here, and how that is actually correlating with where the price is. And what’s interesting is we typically, when we’re looking at a greed or fear level and reading right now as we are in this kind of mid 50s, mid to high 50s level, you don’t typically see the price of Bitcoin up near $100,000 or in an uptrend. And so this is one of the first times that we’ve actually been or, excuse me, this is one of the first times that we’ve actually been in this downtrend and then ultimately trying to break out of that downtrend, and seeing fear and greed still sitting within what would normally be a healthy level for that fear and greed index. Because if you’re taking a look at this multicolored line, yeah, we’ve seen that actually peak above 80, at some points get into the 90s when we were still in this range of 60 to 80k. And so all this considered, this is perhaps one of the first times that we’ll see Bitcoin top or get to 100,000 without needing to be at an excessive fear or greed index level. And that is something that I think that’s worth watching going forward from here. And whether or not the other altcoins see any type, any type of flows into that space as well here, Maddie.
04:42 Speaker A
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