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Bitcoin, often seen as the barometer of the crypto market’s health, is facing a rare storm of pessimism. Despite its price hovering around $64,000, the crypto community seems gripped by persistent fear, uncertainty, and FUD.
An Unusual Level of FUD Envelops Bitcoin
Bitcoin is currently at the center of a storm of negative sentiment on platform X (formerly Twitter), a situation described as rare by industry experts. According to data from crypto intelligence platform Santiment, the queen of cryptos is experiencing a prolonged level of FUD (Fear, Uncertainty, Doubt), which is unusual for this asset.
“This prolonged level of FUD is rare, as traders continue to capitulate,” said Santiment in a June 20 post. “Investors are primarily fearful or disinterested in Bitcoin as prices oscillate between $65,000 and $66,000,” added the platform.
Prolonged Stagnation
The numbers confirm this dismal trend. Bitcoin’s price has varied between $63,000 and $67,000 over the past week, according to CoinMarketCap data. Additionally, Santiment’s weighted sentiment index, which measures Bitcoin mentions on X and compares the ratio of positive to negative comments, has remained negative since May 23.
Past positive events, such as the approval of 11 Bitcoin exchange-traded funds in January and the April halving, had temporarily pushed the index to positive levels, reaching scores of 4.49 and 2.35 respectively. However, these positive sentiment peaks now seem distant as the crypto market goes through a phase of doubt and disinterest.
Moreover, the Fear and Greed Index, another key market sentiment indicator, currently shows a reading of Greed at 63, down 11 points over the past seven days. Despite this sentiment of stagnation, some analysts remain optimistic, believing that this consolidation could precede a dramatic rise.
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Diplômé de Sciences Po Toulouse et titulaire d’une certification consultant 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 objective de l’actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
