Crypto enthusiasts this week are rejoicing- not only are crypto prices rallying, with Bitcoin climbing to a nine-month high, but market sentiment is also improving. The crypto greed and fear index, which crossed 50 just last week, has now almost reached 70- indicating that the primary emotion that is driving investment in crypto is now greed.

Many are also savouring the rich irony that fiat currencies now seem to be on the opposite side of the spectrum. Investors have been relentlessly punishing banking stocks following the collapses of Silicon Valley Bank and Signature Bank, while Credit Suisse was effectively forced to sell to its longtime arch-rival UBS. In this sector, fear is the reigning emotion.