In market news, Bitcoin made big headlines with its price drop during the weekend. Here is what you need to know:
Bitcoin’s bear market and negative sentiment, but people urged to HODL
If you’ve been following Bitcoin prices, you are in for a wild ride, especially now in the second week of May.
The largest cryptocurrency is giving market traders a fight for their money after plummeting to roughly $33,000, making the FUD (Fear, Uncertainty, Doubt) more evident this Monday.
The weekly close of $34,000 on May 8 marked the sixth consecutive weekly red candle for BTC/USD.
According to statistics from Cointelegraph Markets Pro and TradingView, this bearish record hasn’t been seen in nearly eight years, with the last occurrence being in August 2014.
Bitcoin’s sentiment hitting new lows
It seems that the truth of the situation has only recently hit home for the majority, according to the Crypto Fear & Greed Index.
The classic sentiment index currently stands at 11/100, solidly in the “extreme fear” category and also at levels that have historically created bottoms.
Despite the fact that the market and sentiment are pointing to a tough situation for Bitcoin, many Bitcoin supporters on Twitter are urging people to ignore the fear and continue to HODL.
Dan Held, Growth Manager from Kraken, tweeted this earlier today:
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