Bitcoin (BTC) crashed to a low of $30,681. The market dip has resulted in immense losses for the king of cryptocurrencies. At the time of writing, BTC was trading hands at $39,724. Bitcoin has since recovered somewhat from the low of $30k; however, in the daily timeframe, the price is still falling while the market sentiment for the coin remains bearish.
Bitcoin (BTC) Sentiment Analysis
The cryptocurrency market is highly speculative and moves a lot with emotions. A market dip and some unsavory words can cause investors and traders to panic. The fear and greed index measures the overall emotion of the market by incorporating market volatility, dominance, social media sentiment trends, and market volume.
Currently, the fear and greed stand at a value of 11 which means there is extreme fear in the market. The lower value also represents buying opportunities.
The sentiment analysis of Bitcoin shows that the average sentiment (net of positive and negative sentiments) has moved from a negative figure to a positive today. Bitcoin continues to be one of the top trending keywords.
The Social Volume of BTC crypto – the number of mentions on social media – is declining for the cryptocurrency. The Social Dominance – the mentions of BTC relative to other major cryptocurrencies – is also on a downward trend at only 22%. The king of cryptocurrency had also lost its dominance in the market with it being down to as low as 40% – a record low since the 2018 crash.
Experts’ battle on Bitcoin (BTC)
Peter Schiff – economist and global strategist at Europac.com – had taken to his Twitter account to bash MicroStrategy CEO Michael Saylor’s advice on firms adding Bitcoin to their balance sheets. Schiff stated that firms’ annual expected inflation rate of 2% is now down by 34% in one month. However, Schiff faced a lash back from a good number of his nearly 500k followers.
MicroStrategy CEO Michael Saylor also ensued in a Twitter debate with Schiff regarding BTC and its return on investment. MicroStrategy remains undeterred in their decision to add Bitcoin to their balance sheet. The firm purchased an additional Bitcoin worth $10 million in the current dip.