The cryptocurrency market sentiment has fallen back into "extreme fear" as Bitcoin's price slumped below $56,000, wiping $29.7 billion from its market capitalization. The Crypto Fear & Greed Index hit a score of 22 on Sept. 6, showing "extreme fear," a seven-point drop from the day prior.

Arthur Hayes, the former boss of crypto exchange BitMEX, has predicted that Bitcoin could sink further and drop under $50,000 over the weekend. Hayes said in a Sept. 6 X post: "BTC is heavy. I'm gunning for sub $50k this weekend. I took a cheeky short."

Crypto market sentiment has seen large swings between fearful and greedy since June, with the index hitting a low of 20 on Aug. 8 before briefly recovering. The latest plunge back into "extreme fear" reflects the continued volatility and uncertainty in the crypto markets.

Source: https://cointelegraph.com/news/crypto-extreme-fear-bitcoin-under-50k-target-arthur-hayes

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