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The volatility of the crypto market is one of the major concerns among cryptocurrency investors. A South Korean firm has come up with a tool called the Bitcoin “fear and greed” index aimed at helping digital assets traders and investors make better decisions.
South Korean firm Dunamu announced on Tuesday that it has developed the Bitcoin “fear and greed” index to help investors make better trading decisions, Coindesk reported. Dunamu, a blockchain and fintech company, is also the operator of the crypto exchange Upbit.
The company’s new tool reflects five different levels of market sentiment. At one end of the spectrum is the “extreme fear” level while at the opposite end is the level called “extreme greed.”
The fear and greed index uses transaction volume as well as the trading price to gauge the crypto market’s volatility. The data is updated every five minutes to ensure that users get the latest level of market sentiment.
Dunamu explained that while there are global indexes available, the company developed the tool to fit the needs of local traders. “As many domestic digital asset investors use global indexes, we decided to introduce one that can help domestic investors,” a company official said, according to The Korea Herald.
Volatility indexes help people gauge stock market sentiment and aid them in their decision making. These include CNNMoney’s Fear and Greed Index, S&P VIX, and V-KOSPI200.
Dunamu’s new Bitcoin fear-and-greed index works the same way as those stock market indexes expect that it is focused more on the digital asset market. For instance, the extreme fear level means that investors are currently over-cautious while the extreme greed level indicates that people are over-optimistic.
The blockchain and fintech firm operates Upbit, a cryptocurrency exchange based in South Korea. Founded in 2017, the platform quickly grew its business and is now among the country’s top digital assets exchanges.
Dunamu also developed the Upbit Market Index. The index tracks all digital assets listed on the platform in real-time, giving investors the data they need when executing their trades.
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