I just checked the Fear and Greed Index and things look ugly. It dropped to 21 today, compared to 23 yesterday. That means panic in the cryptocurrency market is intensifying quite a bit.

For those who don't know, this index measures several factors: the volatility we're seeing, trading volume, what people are saying on social media, market surveys, Bitcoin's dominance in the total market, and keyword analysis on Google. All together, it gives that score from 0 to 100.

A 21 is territory of extreme fear, so clearly the overall sentiment in cryptocurrencies is quite negative right now. When you see numbers like this, it's typically when more people are selling out of fear. It'll be interesting to see how the market reacts in the coming days.