The cryptocurrency market is experiencing significant anxiety as the Fear & Greed Index drops to 7, indicating an 'extreme fear' sentiment. This level of panic, which was last observed in June 2022 and August 2019, reflects heightened market volatility and low investor confidence. The index, which ranges from 0 to 100, is calculated using factors such as volatility, market volume, social media activity, market surveys, Bitcoin's market dominance, and Google Trends data.