Fun

Bitcoin Sentiment on Twitter Reaches Its Highest Level in 3 Years, Says Data Firm The Tie

News Feed - 2020-05-20 02:05:02

Bitcoin Sentiment on Twitter Reaches Its Highest Level in 3 Years, Says Data Firm The Tie


Positive investor sentiment about bitcoin (BTC) on Twitter has reached record levels – its highest in three years – triggered by the cryptocurrency’s supply cut earlier this month, data shows.


Accordingto crypto data company The Tie, the 30-day average daily sentiment score is at an all-time high since 2017.


The “score” typically measures the difference between positive and negative BTC reviews at certain periods. The latest ranking indicates that investors on Twitter are upbeat about the future of the asset.


Bitcoin’s mentions on the micro-blogging platform also peaked this year post-halving, reaching 31,111 on May 17, said The Tie.


While Bitcoin’s third halving of May 11 cut miner rewards by 50% to 6.25 BTC, it also sparked huge retail interest in the coin driven by expectations of a massive price increase, as with past supply cut events.


Joshua Frank, chief executive officer of The Tie, said the figures show a market that is extremely bullish about bitcoin.


The data company has observed a “moderately strong and positive” correlation between mentions of BTC’s halving and the asset’s price, even before the halving.


Author J.K. Rowling and tech magnate Elon Musk prominently weighed in on the bitcoin conversation on Twitter, with Musk addressing the young adult fiction writer’s question about the cryptocurrency.


Other BTC conversations were computed from tweets that include the words “bitcoin,” “gold,” “trading,” and “halving.” Gold met the criterion because the discussion around BTC as digital gold is returning to dominance as investors consider assets for the looming financial crisis.


A special report by Bloomberg last month notes that the correlation between the virtual currency and gold was at an all-time high and BTC was maturing from a risk-on speculative asset to a gold-like store of value. The report also forecasts a post-halving bull run for bitcoin.


The Tie uses a tool commonly utilized in stocks or forex to filter out dishonest or manipulated tweets about bitcoin, it says. Known as Social Market Analytics, the technology attempts “to eliminate noise and provide clean and actionable sentiment data feeds for institutional investors.”


What do you think about Bitcoin’s increasing positive sentiment on Twitter? Let us know in the comments section below.5000 BTC Giveaway Scam: Chamath Palihapitiya, Elon Musk Not Giving Away BitcoinNEWS | 7 hours agoCovid-19 Economy Fuels Faith in Crypto: Trust In Bitcoin Over Banks Increased 3X Since 2017NEWS | 18 hours agoTags in this storyBitcoin sentiment, Bitcoin third halving, Joshua Frank, Miner rewards, Social Market Analytics, the tie, Twitter


Image Credits: Shutterstock, Pixabay, Wiki CommonsUse Bitcoin and Bitcoin Cash to play online casino games here.Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimer Show comments

News Feed

The next SEC chair must be named before US election — Tyler Winklevoss
Ciaran Lyons4 hours agoThe next SEC chair must be named before US election — Tyler WinklevossGemini co-founder Tyler Winklevoss argues that the cryptocurrency industry should not "tolerate any possibility of a rep
Shiba Inu Price Rebounds Toward $0.00003, Taking 69% Of All Holders Back Into The Green
Este artículo también está disponible en español. The Shiba Inu price has rebounded towards $0.00003, which has put most of the SHIB holdersback in the green. This is sig
If Dogecoin Mirrors Last Cycle, The Surge To $4 Begins At Week’s End
Este artículo también está disponible en español. After a staggering rally exceeding 200% in the first two weeks of November, Dogecoin (DOGE) has entered a consolidation
Gareth Jenkinson10 hours agoNexo joins sanctions association as regulatory scrutiny increasesNexo looks to keep pace with regulatory requirements by implementing new certification requirements for its compliance team.983
Mt. Gox repayments won’t be as bad for Bitcoin as you think
Tom Mitchelhill6 hours agoMt. Gox repayments won’t be as bad for Bitcoin as you thinkThe nearly $9 billion in Mt. Gox creditor repayments starting in July may not kick down the price of Bitcoin, but analysts say they c
Japanese Police Arrest 4 Men Allegedly Behind $55 Million Crypto Investment Scheme
Japanese Police Arrest 4 Men Allegedly Behind $55 Million Crypto Investment Scheme Four alleged masterminds of the “Oz Project” have been arrested af
Total Value Locked in Cross-Chain Defi Bridges Exceeds $22 Billion, Jumping 48% in 30 Days
Total Value Locked in Cross-Chain Defi Bridges Exceeds $22 Billion, Jumping 48% in 30 Days On October 29, the total value locked (TVL) in decentralized finance (defi) protocols is
Helen Partz12 hours agoCrypto wallet Trezor looks into phishing campaign, exec saysTrezor’s brand ambassador Josef Tetek emphasized that the hardware wallet firm never asks for users’ recovery seed, PIN or passphrase
Brayden Lindrea8 hours agoLido on Solana wind down ‘deemed a necessity’ after low fees, says staking firmUnsustainable financials and low fees generated by Lido on Solana were two of the main reasons for the sunsetti
Reserve Bank of Zimbabwe ‘Developed a Roadmap for Adoption of CBDC,’ Says Governor
Reserve Bank of Zimbabwe "Developed a Roadmap for Adoption of CBDC," Says Governor The governor of the Zimbabwean central bank, John Mangudya, recently said his organization ȁ
Holograph fell 80% in 9 hours after exploiter mints 1B additional HLG
Brayden Lindrea6 hours agoHolograph fell 80% in 9 hours after exploiter mints 1B additional HLGThe 1 billion HLG tokens were worth $14.4 million at the time of the first mint, Etherscan data shows.1451 Total views11 Tota
Core Scientific to Shut Down 37,000 Bitcoin Mining Rigs Belonging to Bankrupt Crypto Lender Celsius
Core Scientific to Shut Down 37,000 Bitcoin Mining Rigs Belonging to Bankrupt Crypto Lender Celsius Core Scientific plans to shut down 37,000 bitcoin mining rigs belonging to now-d