The coverage of the latest Bitcoin news by the mainstream media outlets has always been interesting, especially when it comes to the price fluctuations of Bitcoin. While the coverage of Bitcoin by the mainstream media was high during the historical run-up to the price high, it was also high as in the aftermath of the price crashing.
A new study conducted by the blockchain firm Clovr shows that the coverage of Bitcoin by the mainstream media tends to peak when the cryptocurrency surges and falls from its known positions. This happened again over the past week, when Bitcoin dropped to the $3,000 lows.
As the report states:
“The appeal of reporting disaster might explain more recent trends in coverage as well; in May and June 2018, for example, a slide in value correlated with a temporary increase in articles.”
Even though the ‘disaster’ of Bitcoin definitely scaled up when mainstream media got in, consumers cannot escape to blame any side as they are dictating the trends. For instance, people who are searching for the “bitcoin price” keyword are the ones that actually contribute to the trends.
— Btctools (@Btctools) November 29, 2018
The Clovr report also showed that in its infancy, the coverage that Bitcoin received was mostly positive – but also that this changed as the most dominant cryptocurrency gained in stature. According to the report, there were more positive articles on Bitcoin from two years ago than the ones published last year, even despite the price of BTC surging.
As one can see, there are many media outlets that skew liberal and the economic and the financial media houses which had more positive stories on Bitcoin than negative. All in all, the technology media outlets as well as the outlets that skew conservative and centrist content, demonstrated a more negative sentiment in their Bitcoin coverage.
Bitcoin Plunges To A Yearly Low, Market Is ‘Prepared’ To Go Below $100 Billion
“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think $2,700 is an excellent place to buy if we should go there. ‘History doesn’t repeat itself but it often rhymes.’”Currently, there is a big risk in shorting and longing Bitcoin and other major cryptocurrencies in the market, which is why investors are observing the short-term trend of the crypto market by holding out on their trading activity.
Bitcoin Reaches A New Yearly Low At $3,200, Downward Trend Continues
“BTC lowest daily close year to date. Is there still a chance of recovery before more lows? Well, maybe. But I am not betting on it.”Another analyst named DonAlt echoed a similar sentiment and said that until the price of Bitcoin breaks out of the resistance levels at $3,600 and $3,800, drops like this will be expected. “Closed below the swing low – harsh rejection followed. There isn’t much support on the daily time frame still. So far prior support areas have flipped into resistance. Until that changes – stay away from longs,” he wrote. So far, Bitcoin has been able to maintain a range of $3,000 to $4,000 for over three weeks, from November 24th. Until the asset begins to demonstrate signs of a multi-month consolidation period and a high level of stability, any form of a gradual recovery is unlikely to happen. Bitcoin has recently consolidated from the yearly low of $3,200 and is now trading at $3,301.
Analysis: Interest In Crypto Rises With More Than 55 Million Users In 2018 Alone
“Combining public data and survey findings, we estimate that the total number of user accounts at service providers amounts to at least 139 million in late 2018.’’Active and verified users have increased seven times than two years ago. Last year the number of crypto users was 18 million, in 2016 there were only 5 million. The report notes:
“Using a combination of verified user data and the average share of ID-verified accounts described above, we also estimate there are currently at least 35 million ID-verified users globally.”There has also been an increase in the number of active users has also increased which in 2016 was about 35%, it rose to 36% and this year reached 38% active users. Despite the bear market, there is an even bigger increase in the number of crypto service providers that add support for multiple cryptocurrencies. Even cryptocurrency exchanges support multiple coins which make up to 89% of all the exchanges but also wallet providers decided to add multi-coin support up to 90%:
“Wallets with multi-coin support surged from 46% in 2017 to 90% in 2018, with 60% of wallets currently supporting more than 3 cryptoassets as opposed to only 10% in 2017.’’
Altcoins Consolidating Above The Yearly Lows, Bitcoin Follows The Recovery Path
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