• Bitcoin has surged 10% in the past seven days, which has sparked speculation that a new bull market is beginning.
• After over 2 months of hovering in the „fear“ zone, the Bitcoin Fear and Greed index has now shifted to the „greed“ zone.
• A class-action lawsuit has been filed against Argo Blockchain, a Bitcoin mining company, by its investors.
The cryptocurrency market has been on a roller coaster ride lately. Just a few weeks ago, Bitcoin fell to its two-year low of under $16,000. But, in the past seven days, Bitcoin has surged 10%, sparking speculation that a new bull market is beginning.
The Bitcoin Fear & Greed Index, which measures market sentiment, has also shifted from the ‘fear’ zone to the ‘greed’ zone after over two months of hovering in the ‘fear’ zone. This indicates that investors are feeling more optimistic about the cryptocurrency market.
But, not all news is positive in the cryptocurrency space. A class-action lawsuit has been filed against Argo Blockchain, a Bitcoin mining company, by its investors. The lawsuit claims that the firm had misled them through false claims prior to its Initial Public Offering (IPO).
According to the lawsuit, Argo allegedly minimized the risks linked to its financial position, electric supply, and network issues. Furthermore, it is also accused of exaggerating its capabilities by claiming that it was making profits when, in fact, it was not.
Amidst all the volatility, one thing is certain – the cryptocurrency market is experiencing a significant shift in investor sentiment. Whether this new bullish trend will continue remains to be seen.