The news comes as BTC remains stable at around $23,000 going into the weekend.
For the first time since March 30, 2022, the Bitcoin Fear and Greed index is firmly in the “greed” zone.
With BTC up nearly 40% year-to-date, the index signals a bullish sentiment as the original cryptocurrency makes significant strides after plummeting to below $16,000 and a two-year low in 2022.
What metrics make up the BTC/FGI?
The Bitcoin Fear and Greed Index (FGI)uses a combination of technical and fundamental analysis to measure the sentiment of the market. The index uses a variety of data points, including:
Volatility: Measures the volatility of the price of BTC, based on the daily standard deviation of returns.
Market Momentum/Trend: looks at the direction of the moving averages and the gap between them
Trading Volume: Analyzes the trading volume of BTC, looking for changes in the buying and selling pressure.
Social Media Sentiment: Analyzes the sentiment of the online community by looking at the number of positive and negative mentions of BTC in social media.
Surveys: Surveys of investors and traders, to gauge their sentiment towards BTC and the cryptocurrency market as a whole.
The index ranges from 0 to 100, with a higher score indicating a higher level of fear and a lower score indicating a higher level of greed. It is published by alternative.me, a website that tracks alternative investments, including BTC.
Friktion said it has disabled its frontend interface to prevent users from initiating new deposits.
Solana-based DeFi platform Friktion has urged its users to withdraw their funds from the protocol, as it moves to suspend all frontend operations.
The Friktion team said it made the tough decision to suspend its operations due to the worsening financial crisis resulting from the FTX collapse and Solana’s repeated outages.
Specifically, the platform’s operating cost is said to be too expensive when compared to its profit and cash flow.
As a result, Friktion announced on Jan. 27 that it has disabled its frontend interface to prevent users from initiating new deposits.
However, the platform is in “withdrawal-only mode” to allow users to withdraw their Volt deposits.
Before the recent insolvency crisis, Friktion reached over $150 million in total-value-locked (TVL) on Solana and recorded about $3 billion in trading volume, DeFiLarma data shows.
