• The Bitcoin Fear and Greed Index dropped to “Fear” territory on June 13 and 14.
• This marks the first time the metric has remained in that zone for two consecutive days since March.
• The U.S. SEC lawsuits against Binance and Coinbase could be a factor contributing to the index’s change in trend.
US SEC Causes Shockwave on Crypto Market
The U.S. SEC caused shockwaves throughout the cryptocurrency market after filing lawsuits against both Binance and Coinbase last week, which may have caused the Bitcoin Fear and Greed Index to drop into “fear” territory for two consecutive days for the first time since March of this year.
BTC Price Drops Below $25,400
Bitcoin went from above $27,000 last Monday to under $25,400 after news of these two lawsuits spread throughout the crypto market, causing BTC’s price to suffer some major losses during this highly volatile week of trading.
Fear & Greed Index Enters ‚Fear‘ Zone
The popular Bitcoin Fear and Greed Index entered into a “fear” zone on June 6 after news of these lawsuits became public knowledge — marking the first time it had been in that zone for nearly three months.
Crypto Market Affected by US SEC Lawsuits
The actions of the U.S. securities regulator not only affected bitcoin but altcoins as well — many of which were declared unregistered securities by the agency — causing even more volatility within certain markets as investors scrambled to adjust their portfolios accordingly.