Market Sentiment Improves as Bitcoin Temporarily Exceeds $45,000

On February 8, Bitcoin (BTC) temporarily soared above $45,519 as investors yet again embarked on the acquisition of risk assets across markets worldwide. 

Considering the recent Bitcoin (BTC) price recovery, market sentiment has grown somewhat more bullish and less bearish, reaching a neutral outlook, according to the Crypto Fear and Greed Index.

Bitcoin (BTC) being the biggest cryptocurrency by market cap has incurred a 38% rise from the low of $32k in late January. On the other hand, the stars of the crypto market at the time being are Ripple (XRP) and Shiba Inu (SHIB) as they surged by more than 50%. Shiba Inu (SHIB) is close to $0.000035 after its most recent soar.

In previous weeks, investors have been nervous as they weigh the likelihood of quick interest hikes. Bitcoin (BTC) has lost 36.27% of its value since hitting an all-time high of about $69,000 during the first half of November 2021.

Judging by the current price rally, the near-medium-term forecast for Bitcoin (BTC) seems to be less bearish. Fear is progressively being eliminated as market mood changes to neutral, per the Crypto Fear & Greed Index.

The index, which calculates a nominal sentiment rating from 0 – 100 based on a set of parameters, was at 48 at the time of this post, after spending most of January in the “extreme fear” category.

KPMG in Canada announced that Bitcoin (BTC) and Ethereum (ETH) will be the first cryptocurrency investment to be added to the corporate strategy, signifying excellent news for the dominant cryptocurrencies.  

As reported by Crypto Academy, Elon Musk’s Tesla has filed its annual report with the Securities and Exchange Commission (SEC), revealing Bitcoin (BTC) impairment losses from holdings amounting to nearly $2 billion as of late 2021. Tesla regards cryptocurrencies as a liquid substitute to cash and a solid investment. 

Bitcoin (BTC) is down slightly as investors take profits, and it is presently changing hands at $43,828.