Binance Hack Sends Crypto Fear and Greed Index Crashing to 30

The Fear and Greed Index dropped to 30 points following the October 29 attack on Binance, as market sentiment remained firmly in fear territory. The security breach resulted in losses of $6.3 billion. The exchange said it had covered and replenished approximately 95% of the assets stolen. However, prominent analyst Axel Adler Jr. said that the market sentiment was already weakening before the incident. Fear Territory The index fell from 68 points on October 22 to 51 by October 29, before the attack coincided with another sharp decline. Adler’s findings revealed that the 30-day average currently stands at 56 points, which was indicative of how much weaker sentiment has become compared with its average level over the past month.

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