In the wake of the news that Bitcoin lost support below $8,000, we can also see that BTC Twitter engagement drops to two year lows. As an integral part of the crypto scene, Twitter is a good indicator of the (changing) sentiment about cryptocurrencies. The latest Bitcoin news are signaling that there is a decrease in interest for Bitcoin (and possibly other cryptocurrencies) by users on Twitter.
Often gauged from Bitcoin analysts and industry insiders who spend their time on the social network, the BTC Twitter engagement is an obvious sign of interest for the cryptocurrency as a whole. In the latest news, we can see that this sentiment has declined back to levels as low as those seen two years ago.
The irony is that a lot of what is going on in the crypto industry revolves around postings on a centralized social media platform. This is testament to the immaturity of the scene in the tribalism and everything else that is still rife on the platform. The bottom line, however, is that the growth of Bitcoin was monumental but now the interest on social networks is dropping.
According to reports by Skew Markets, the BTC Twitter engagement has fallen to lows not seen for two years.
Looks like the bottom is in for the Twitter counts – hodling the fort! pic.twitter.com/pbLP3Hzusv
— skew (@skewdotcom) November 20, 2019
This obviously may not be the case for other cryptocurrency assets but Bitcoin at least appears to have fallen out of taste on the social media platform. The peak on Twitter also came when the BTC price was at a peak during late 2017 and early 2018 – when the daily tweets for BTC topped 150,000. Today, they are only below the 20,000 level as the charts by Skew Markets show.
This could be that the space has evolved beyond Twitter which would be a good thing since the entire scene is a bit of a circus. However, we can also tell that the intrusive advertising, unfettered spam and a lot of “trash posts” result in the drop of the BTC Twitter engagement.
Just like Facebook, Twitter also controls what people see in their streams. The fact that Bitcoin is falling to new lows also accounts for the lack of interest, along with the miner capitulation and market manipulation reports which are driving traders outside of social media.
Lot of FUD about miner capitulation. Fact is that 6 months before 2012 halving we were above difficulty model value, in 2016 below, and now spot on. Also, I am looking at +2% difficulty adjustment next Thursday. Cheer up! 🚀https://t.co/zMdxlteR6Z pic.twitter.com/8OcuVYp70l
— PlanB (@100trillionUSD) November 19, 2019
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