• Bitcoin has surged 10% in the past seven days, leading to speculation of a new bull market.
• The Bitcoin Fear & Greed Index has shifted to the ‘Greed’ zone after 10 months of hovering in the ‘Fear’ zone.
• A class-action lawsuit has been filed against Argo Blockchain by its investors, claiming that the firm had misled them through false claims prior to its Initial Public Offering (IPO).
The cryptocurrency market has been on a rollercoaster of a ride in recent times, with prices fluctuating wildly. However, Bitcoin has been on a steady upward trajectory, jumping 10% in the past seven days, sparking speculation that a new bull market is beginning. This surge has been accompanied by an uptick in the Bitcoin Fear & Greed Index, which has shifted to the ‘Greed’ zone after 10 months of hovering in the ‘Fear’ zone.
The Bitcoin Fear & Greed Index is a measure of sentiment among the cryptocurrency community, which is based on a range of factors including volatility, social media trends, and market momentum. The shift to the ‘Greed’ zone indicates that investors are feeling more optimistic about the cryptocurrency market. Bitcoin has had an impressive run this year, with its price up nearly 40%, which is a great improvement on last year’s two-year low of under $16,000.
Despite the positive outlook, there is still some uncertainty in the market, as evidenced by the class-action lawsuit that has been filed against Argo Blockchain, a Bitcoin mining company. The lawsuit claims that the firm had misled its investors through false claims prior to its Initial Public Offering (IPO). In September 2021, a London-based company issued 7.5 million shares to the public at a rate of $15 each, and raised $112.5 million in total. The complaint alleges that record materials related to the IPO had included false facts and had not complied with relevant laws and regulations.
The news of the lawsuit is a reminder that the cryptocurrency market is still developing and that caution is needed when investing in these assets. While there is no guarantee that Bitcoin will continue its upward trend, the recent surge in price and shift in sentiment could be a sign of a new bull market. With increased adoption around the world and a commitment to innovation, Bitcoin could be on track for another bull run in the near future.