![]() Over $7.325B in $BTC losses have been locked in by investors spending coins that were accumulated at higher prices.Ī thread exploring this in more detail □ 1/9 /O7DjSK2rEQ The last three consecutive days have been the largest USD denominated Realized Loss in #Bitcoin history. Glassnode, a leading crypto analytics firm, shared a thread on Twitter detailing what has happened over the past three days: At this point, it is easy to see how a total negative sentiment has turned into a massive sell-off of the held asset. In the last few days, Bitcoin has broken through the famous $20,000 support, reaching a low of $17,593. The losses recorded by Glassnode and the “deaths” of Bitcoin The aim is to predict short-term returns by exploiting complex machine learning models, using sentiment analysis as a basis. Indeed, there are several studies that find applications in the field of Natural Language Processing (NLP). In a market as irrational as the cryptocurrency market, it is not hard to believe that it is general sentiment that largely drives the price of a digital asset. ![]() ![]() So, once again, it is returns that drive emotions, and vice versa! Now, apparently, they all think Bitcoin is dead. During a bull phase, one can see that most people talk about it in a positive sense. Fear and Greed Index at an all-time low Sentiment analysis explained in briefĬlearly, the type of research also changes depending on the performance of the asset. This is confirmed by the data recorded by the Fear and Greed Index, which currently stands at 9, a level indicating “Extreme Fear”. Conversely, when such a sustained slump occurs, people begin to feel fear and lose confidence in their investment choices. When new highs are reached and we are in a prolonged bullish phase, enthusiasm and euphoria take over. Less experienced investors are almost never rational and their choices are mainly driven by emotions. It is well known how general market sentiment is influenced by the performance of the asset in question. Search interests divided by geographic areaĪs can be seen from the image above, the highest search volumes come from Canada, the United States and the United Kingdom. This is confirmed by Google Trends data, which record a peak for the search phrase “Bitcoin is Dead”. The general market sentiment is totally negative. Google Trends records a new peak for the search query “Bitcoin is Dead” Google Trends chart for Bitcoin is Dead” searchesīy now it is clear.
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