Data shows that cryptocurrencies are likely to end the shortened trading week in "extreme fear".

The index currently scores 19 out of 100, which is exactly on the boundary between "fear" and "extreme fear." Earlier this week, the index did enter the "fear" zone, but selling triggered by the newly appointed Federal Reserve Chair Walsh’s hawkish remarks is dragging down cryptocurrencies. CoinMarketCap data also shows that capital continues to flow out of so-called “altcoins,” which are crypto tokens traded on cryptocurrency exchanges other than Bitcoin and stablecoins. CoinMarketCap stated that after a brief uptick, the combined market capitalization of altcoins remains slightly above $900 billion.