Crypto market participants’ sentiment falls to its record negative level in three years
Previously, such a situation on the crypto market was observed in the spring of 2020 during the COVID-19 pandemic
15.06.2023 - 09:45
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What’s new? A combination of falling cryptocurrency prices and growing concerns about the SEC’s lawsuits against the Binance and Coinbase exchanges has led to traders’ sentiment is at its most negative level since March 2020. At that time, the COVID-19 pandemic collapsed the digital asset market. Experts at analytics firm Santiment reported this.
😱 With a combination of falling #crypto prices and rising concerns about #Binance & #Coinbase, trader sentiment is officially at its most negative level since #Covid crashed markets in March, 2020. These situations are often #buythedip opportunities. https://t.co/EIROZSkMYW pic.twitter.com/tBhqXRU4XU — Santiment (@santimentfeed) June 14, 2023
What else did analysts report? Weighted social sentiment for cryptocurrencies BTC, ETH BNB, XRP, and ADA fell by 1,99, 2,18, 1,17, 0,680601, and 2,38, respectively.
Weighted social sentiment combines the positive/negative commentary, and multiply by the amount of social volume. Generally prices top out when this gets too high, and bottoms when getting too low. Previously, such a situation on the crypto market was observed in the spring of 2020 during the COVID-19 pandemic.
As of June 15, the Crypto Market Fear & Greed Index (F&G) is at 41/100. Such an indicator demonstrates the “greed” of crypto traders. In this, last week market sentiment was in neutral the zone.
Crypto Fear & Greed Index is an indicator that measures the general mood of investors in the market. It is measured on a numerical scale from 0 (“extreme fear”) to 100 (“extreme greed.”) Various data such as volatility, bitcoin capitalization, market volume, as well as social media sentiment are analyzed to determine the index.
Earlier, experts at Santiment linked a sharp surge in LTC transactions with the upcoming halving of the cryptocurrency’s network, which is expected ~ August 5, 2023.
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