Bitcoin's value has experienced a 10% surge, propelling it back above the $34,000 mark, in anticipation of U.S regulatory approval for a Bitcoin ETF. This optimism is shared by major institutions such as BlackRock (NYSE:BLK) and has led to a bullish market phase.
The Bitcoin Fear and Greed Index, which is influenced by factors like volatility, volume, and social media sentiment, has risen to 72 from 66 just yesterday. A week ago, the index stood at a neutral 50. The index signals "Greed" during bullish market phases and "Fear" during downturns, serving as an indicator for contrarian investors.
The digital currency recently hit a 17-month high of $35,000, spurring investor greed. Historical highs in February and October 2021 suggest potential for further escalation in investor greed as the current bullish phase continues. The Bitcoin ETF approval anticipation is fueling this surge, reflecting a positive sentiment among traders and institutions alike.
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