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.
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“Out of the rubble, bitcoin has popped back up. It would take something like that to shatter this newfound confidence.”Since the start of 2019, Bitcoin increased by 65 percent and still continues to recover from the harsh bear market. Most of the gains happened between April and May 2019 when the largest cryptocurrency increased by 50 percent. According to the Bitcoin Bull, BTC going strong and it would take a serious event to crush its recent surge. Following the latest cryptocurrency news, the bitcoin price was not affected by the recent happenings. The Galaxy Digital CEO is not the only one that is bullish about bitcoin. Multiple analysts have been rooting for a bitcoin bull run. Experts notice the improved technical fundamentals of the currency and claim an impending price surge. Another popular bitcoin trader Peter Brandt who predicted the 80 percent crash in 2018, predicted that BTC is setting up for another massive growth similar to the one in 2017. Other enthusiasts say that the surge in interest for bitcoin will lead to another bullish cycle as well. Sources from Fidelity Investments say that the company will debut Bitcoin trading to institutional clients and this is another key indicator that the interest for bitcoin is growing. Fidelity could also be joining BTC trading providers such as TD Ameritrade and E-Trade. Bakkt is also working hard to get approval from the U.S Commodity Futures Trading Commission.
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“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary.’’The analysis that Woo conducted can be attributed to his calculation of fundamental factors but also the technical factors in order to better evaluate the market. He later said that Bitcoin will likely hit a new bottom at $3,150 because of the Bitcoin Network Momentum and the technical indicators at that time as it was reported in the latest cryptocurrency news. In the next couple of weeks, the analysts believe that Bitcoin will undergo a consolidation period and will stabilize. Some traders are waiting to see whether the dominant cryptocurrency will retest some of the supporting levels below $5,000. The increase in interest in bitcoin which led to the new 2019 high, comes after Bloomberg reported that Fidelity will launch a crypto trading service soon.
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