Binance Hack Sends Crypto Fear and Greed Index Crash to 30
The fear and greed index fell to 30 points after the Binance hack on October 29, which resulted in losses of $6.3 billion, indicating a strong sentiment of fear in the market.
Analyst Axel Adler Jr. noted that market sentiment had already fallen before the attack, when the index fell from 68 to 51 points in the week.
The Binance hack is the largest in cryptocurrency history, raising concerns about future security breaches and a potential shift of users toward larger, more regulated exchanges or self-custody options.