It should be noted that current conditions in the cryptocurrency market are still not favourable for some companies. In particular, yesterday it became known about the freezing of withdrawals at the cryptocurrency exchange Zipmex, meaning that customers are now unable to get their funds out of there.

Binance founder Changpen Zhao responded to the situation. He advised Twitter followers to choose exchanges wisely and avoid platforms that need to raise money to survive.

Binance CEO Changpen Zhao

Be that as it may, the overall performance of the coin niche is becoming less negative.

What’s next for Bitcoin

The index analyses the current mood of the entire cryptocurrency market, rating it between 0 and 100 points, where 0 is extreme fear and 100 is maximum greed. The index is based primarily on market volatility, traders’ trading volume and Bitcoin dominance, as well as social media posts, polls and search query data.

Fear and Greed Index dynamics

Analysts at platform Santiment note that “the mood of traders is changing” as they are now counting more on the rise of the major cryptocurrency. According to the company, the average funding rate – or what it calls funding – in BTC trading pairs on exchanges has reached its highest level in the past two months, with the price of BTC rising above the $23,600 line.

As a reminder, a funding rate is a periodic payment to holders of short or long positions from the other side of trades in margin trading. Generally, a positive value of the funding rate, that is, when long holders pay shorts, indicates a bullish trend in the market.

Funding rate dynamics in Bitcoin trading

The optimism of the crowd has also been picked up by Galaxy Digital CEO Mike Novogratz. In a recent interview, he said he expects Bitcoin’s price to rise as high as $500,000 in the next five years. Here’s the investor’s pertinent rejoinder, cited by Decrypt.

It’s all about two things – acceptance and the global economy. And while there will be obstacles along the way, so far the market is only going so far. There are still so many big investors who have not invested in crypto, it’s a big opportunity.

So, judging from these words, Novogratz sees the digital asset industry as extremely promising, at least because its benefits have not yet been considered by most market participants. And when they are, there's simply no way to get past coins.

Novogratz suggests that “the worst is over”. Right now, the industry is supposedly on its way to regaining its growth momentum. But analysts at Grayscale Investment would disagree with Novogratz’s assertion: they previously said that the bearish trend could last until at least 2023, which means that in the short term, there will not be an azoemun anyway.

Investor Michael Novogratz

In his interview, Mike Novogratz not only touched on the topic of Bitcoin’s prospects. He also stated that a great many crypto investors are allegedly “to blame themselves” for their losses caused by the collapse of projects like Terra. He continues.

People would know if they were paying attention to what they were betting on. Turns out the bet didn’t work, and it all went downhill very quickly. If there was a lesson learned, it was that the industry and a lot of investors really had very, very little understanding of risk management.

That is, those affected allegedly could have “foreseen” the collapse of the Terra ecosystem at one time if they had carefully analyzed the situation with said crypto-ecosystem. The irony here is that Novogratz himself invested in the project and actively promoted it. What’s more, in January he even declared himself a devoted Luna fan or “LUNAtic” on Twitter. In addition, he has a tattoo mentioning LUNA on his shoulder.

It looks like this.

Mike Novogratz’s LUNA tattoo

Judging crises in the crypto market “retrospectively” is very easy, but it’s definitely not something Mike Novogratz should be doing. Such statements severely damage his rather shattered reputation and make one doubt such optimistic predictions.


We believe that the decline in fear among cryptocurrency investors may indeed indicate the formation of a so-called bottom in the market, because as greed builds up in the sentiment of traders, there will be less and less willing to get rid of coins. However, the formation of the bottom at the same time does not mean an abrupt transition to the growth stage, i.e. the so-called bull market. Obviously, there will be a so-called sideways and no interesting events for a while.


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