Cryptocurrency Market Fear and Greed Index Hits Nearly 18-Month Low

Bitcoin fell below $54,000 on July 5 as the Fear and Greed Index fell to 29, its lowest point since early 2023. Market selling pressure came from the German and U.S. governments selling seized bitcoins and Mt. Gox starting to refund money. SynFutures' Rachel Lin noted that selling pressure will be difficult to alleviate in the short term, with large-scale selling expected from Mt. Gox users. 10x Research's Markus Thielen lowered his price target for bitcoin to $50,000, arguing that August and September will be challenging months for bitcoin, but that if the Federal Reserve cuts interest rates in September, bitcoin could bounce back.