Bitcoin Bull Market Begins: F&G Index Shifts to Greed Zone Despite Lawsuit
• Bitcoin has surged 10% in the past seven days, leading to speculation that a new bull market is beginning.
• The Bitcoin Fear and Greed index has shifted to the “greed” zone after over two months of hovering in the “fear” zone.
• A class-action lawsuit has been filed against Argo Blockchain by investors, claiming that the firm had misled them through false claims prior to its Initial Public Offering (IPO).
The past seven days have seen a marked increase in the value of Bitcoin, as the original cryptocurrency has surged 10%. This surge has sparked speculation that a new bull market is beginning, and there are several factors to consider when predicting the future of Bitcoin. With increased adoption around the world and a commitment to innovation, the digital asset could be on the cusp of another significant bull run.
The Bitcoin Fear & Greed Index is a tool created to measure investor sentiment. After over two months of staying firmly in the “fear” zone, the index has now shifted to the “greed” zone, indicating that investors are feeling more optimistic about the cryptocurrency market. Bitcoin has had an impressive run this year, with its price up nearly 40% since the start of 2021. This is a great improvement on last year’s two-year low of under $16,000 and suggests a bright future for the asset.
The optimism in the market has been somewhat offset by a class-action lawsuit filed against Argo Blockchain, a Bitcoin mining company. Investors have accused the firm of misrepresenting its pre-IPO finances and failing to comply with relevant laws and regulations. The London-based company had raised $112.5 million from the public in September 2021 through the sale of 7.5 million shares at a rate of $15 each.
Overall, Bitcoin has performed well in recent weeks, with the Fear & Greed index pointing towards increasing investor confidence. However, the lawsuit against Argo Blockchain serves as a reminder of the risks associated with investing in cryptocurrency. As always, investors should exercise caution when investing in digital assets and remain aware of the potential pitfalls.