With market sentiment highly sensitive following the recent cryptocurrency market crash, cryptocurrency prices have fallen significantly, with major crypto assets returning to multi-year lows.
High market volatility is causing fear among investors, but many crypto experts, including Metaplanet CEO Simon Gerovich, believe it is time to take action and counter the looming fear seen across the crypto market.
Metaplanet’s Gerovich quotes Buffet amid market fears
On Saturday, February 7th, Metaplanet’s CEO sparked a debate across the crypto market. quotation Longtime investor Warren Buffett said this when CoinMarketCap reported that its crypto fear and greed indexes had fallen to extreme fear levels.
The post, which implores crypto investors to be greedy when others are fearful and fearful when others are greedy, was shared alongside CoinMarketCap’s Fear and Greed Index chart, sparking discussion across the cryptocurrency market.
Earlier today, the cryptocurrency analysis platform reported that the Fear and Greed Index has fallen to one of its lowest levels in recent months, indicating growing panic among investors.
It is not surprising that this often coincides with significant declines and high volatility in the overall crypto market. Bitcoin Upon re-examination, it had fallen to $60,000, a level not seen in the past two years.
Citing Buffett’s popular narrative, Metaplanet’s CEO appears to view the current crypto market downturn as a potential contrarian opportunity for holders to acquire major cryptocurrencies such as Bitcoin and XRP at lower prices.
CoinMarketCap Fear and Greed Index Goes Extreme
Indirectly seeming to urge investors to remain resilient, the Metaplanet CEO attached a graph showing the repeating cycle over the past year of extreme fear zones coinciding with market bottoms, followed by periods of recovery as sentiment normalizes.
As such, the post sparked confidence that the plummeting asset would recover from its recent slump, resulting in huge profits for investors who were greedy during such a sensitive period.
This is reflected in Bitcoin’s current price, which retested $60,000 during the recent market crash before suddenly regaining the $70,000 level.
