Cryptocurrency Fear and Greed Index fell to 27 on July 9, the lowest level since last January

The Cryptocurrency Fear Greed Index, an indicator that tracks relative market sentiment, has fallen to its lowest level since January 2023, dropping to 27 on July 9, according to Glassnode.

The current market panic is a result of the German government's sell-off of BTC assets and Mt. Gox's repayment of its creditors, which caused the price of BTC to fall from around $63,000 at the end of June to a low of around $53,570 on July 5th.