Horror index Climbing in VIX: Not seen since 2008

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The VIX Index, known as the “Horror Index” in the markets, has made a historic climb today. The index has reached the highest level since 2008, exceeding 60.

There is a historical day in the world markets. After Saudi Arabia has decided to increase oil production and lowers the price, global markets are shaking after a 30 percent drop in oil prices.

With the developments in the last few days, the eyes were turned to the opening of the US markets today. When the market opened with a 7 percent drop, the New York Stock Exchange announced that it temporarily stopped trading. After a 15-minute break, trading was resumed from where it left off.

On the other hand, the VIX Index (CBOE Volatility Index), known as the “Fear Index” in the markets, has made a historical climb. The index, which opened with 41.94, saw 61.62 with an increase of 47 percent and is at the level of 58 when the news is published. The index had seen its highest level since 96.40 in 2008, since it was launched in 1993.

Amidst all this churn, Bitcoin is also changing hands at $7700.

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