Crypto players' fear index soars

 The concerns in the cryptocurrency market during this period are likened to the dotcom bubble

According to Fortune, last week, the index fluctuated between 9-14 as investors sold off a large amount of Bitcoin and many other cryptocurrencies. Shares of the largest technology companies in the United States were also on the decline, sending the market into turmoil.

Bitcoin price continues to plummet after the collapse of Luna and UST. Bad news came rushing in, causing many people to flee the market. Many new entrants lost their life savings during the tumultuous May days.

Fortune cites a Bank of America Research report showing that the fear that is pervading the crypto market is comparable to the 2021 dotcom bubble burst and the 2008 global financial crisis.

According to the New York Times, the crypto world is in a full-blown crisis. The fragility is reflected in the fact that cryptocurrencies are still in the experimental and unregulated stages. Analysts say the crisis of Terra and the risk of the stablecoin UST crashing could cause more serious and even scarier consequences than the "crypto winter" of 2018.

"It's like a hurricane," analyst Dan Dolev, in charge of crypto companies and tech finance at Mizuho Group, told the New York Times.
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