Bitcoin, usually seen because the barometer of the crypto market’s well being, is going through a uncommon storm of pessimism. Regardless of its price hovering round $64,000, the crypto group appears gripped by persistent worry, uncertainty, and FUD.

An Uncommon Stage of FUD Envelops Bitcoin

Bitcoin is at the moment on the heart of a storm of damaging sentiment on platform X (previously Twitter), a scenario described as uncommon by trade consultants. In keeping with information from crypto intelligence platform Santiment, the queen of cryptos is experiencing a chronic stage of FUD (Worry, Uncertainty, Doubt), which is uncommon for this asset.

“This prolonged level of FUD is rare, as traders continue to capitulate,” stated Santiment in a June 20 put up. “Investors are primarily fearful or disinterested in Bitcoin as prices oscillate between $65,000 and $66,000,” added the platform.

Extended Stagnation

The numbers verify this dismal development. Bitcoin’s price has different between $63,000 and $67,000 over the previous week, in accordance with CoinMarketCap information. Moreover, Santiment’s weighted sentiment index, which measures Bitcoin mentions on X and compares the ratio of constructive to damaging feedback, has remained damaging since Could 23.

Previous constructive occasions, such because the approval of 11 Bitcoin exchange-traded funds in January and the April halving, had briefly pushed the index to constructive ranges, reaching scores of 4.49 and a pair of.35 respectively. Nonetheless, these constructive sentiment peaks now appear distant because the crypto market goes via a part of doubt and disinterest.

Furthermore, the Worry and Greed Index, one other key market sentiment indicator, at the moment exhibits a studying of Greed at 63, down 11 factors over the previous seven days. Regardless of this sentiment of stagnation, some analysts stay optimistic, believing that this consolidation might precede a dramatic rise.

Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d’une certification advisor blockchain délivrée par Alyra, j’ai rejoint l’aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l’économie, j’ai pris l’engagement de sensibiliser et d’informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu’elle offre. Je m’efforce chaque jour de fournir une analyse goal de l’actualité, de décrypter les tendances du marché, de relayer les dernières improvements technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

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