Bitcoin
Social media users calling to buy under $66,000
Data shows that traders on social media have been calling to buy during Bitcoin’s latest drop below $66,000, a sign that FOMO is active in the market.
Bitcoin Investors Are Exhibiting FOMO After Recent Decline
As analytics firm Santiment pointed out in a new publish on X, the recent drop in cryptocurrency has instigated the second-largest increase in buying interest among social media users in the last two months.
The indicator of interest here is the “Social volume”, which monitors the amount of discussion related to a topic or term that users of major social media platforms are participating in.
This metric makes this measurement by counting the unique number of posts/threads/messages on these platforms that mention at least one keyword.
The reason the indicator counts posts and not mentions themselves is that sometimes a large number of mentions can appear on social media. Still, the location of these mentions could be restricted to niche circles.
The total number of posts mentioning a topic only increases when users on broader social networks also engage with the term. As such, Social Volume can provide a more accurate representation of the actual degree of conversation related to the keyword.
In the context of the current discussion, Santiment used this indicator to identify data related to terms related to the purchase and sale of Bitcoin. The chart below shows how the social volume of these two topics has changed over the last month.
The metric value appears to have increased recently for purchase-related terms | Source: Sanction on X
As visible in the graph above, the combined social volume of phrases related to “buy Bitcoin” has just seen a huge increase. This sharp increase in the indicator occurred when the price of the cryptocurrency was going down.
It appears that social media users believe this drop is a worthwhile purchase. The chart shows that the scale of this buying interest is the largest witnessed in the market since BTC’s rally above $70,000 last month.
It is also apparent, however, that BTC peaked not soon after the increase in social volume. This has often been the observed pattern as price becomes more likely to correct when FOMO takes over the crowd.
Generally, any negative effects of FOMO can be negated if a sufficient amount of FUD also appears on the market simultaneously. However, as highlighted in the chart, the social volume of terms related to “sell Bitcoin” remained low amid the increase in buy calls.
As such, this heightened optimism surrounding the drawdown could suggest that the bottom may not have yet arrived for the cryptocurrency.
BTC Price
It appears that the bearish effect of social media FOMO may already be influencing Bitcoin, as its price has fallen further below $66,000 following the increase in Social Volume.
Featured image by Dall-E, Santiment.net, chart by TradingView.com
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
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came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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