Investors returned with ‘extreme fears’ based on the greed and fear index (FGI) today.
Where not, the crypto market once again ‘crashed’ when Bitcoin (BTC) returned to below $ 40,000 at midnight on Saturday before slipping to a lower value, $ 38,675 this morning.
Bitcoin’s performance today erased gains recorded since April 18 until BTC was worth $ 42,991 per unit on April 22 but lost the next day.
Indirectly, the majority of major altcoins were also dragged to lows except for a few other tokens such as ApeCoin (APE), The Sandbox (SAND), OKB (OKB), and STEPN (GMT).
What led to the severity of the crypto market over the weekend?
There are possibilities related to the elections in France:
Concerns in the country peaked when the results of an intense vote between Emmanuel Macron and Marine Le Pen.
Fund manager at Edmond de Rothschild Asset Management, Ariane Hayate, described the market as increasingly murky if Le Pen beat Macron: "The first visible impact is on the high surge in French 10 -year bond yields."
However, the election results show the country is finally shifting back under the Macron administration.
Federal Reserve Chairman Jerome Powell has confirmed an interest rate hike of half a percentage point as announced at a central bank meeting for May.
Rising interest rates is important to restore price stability.
At the time of writing, BTC is trading at $ 39,013 per unit, down over 1.40% in 24 hours, and over 2% since last week.
