Cryptocurrency markets continue to bleed, and social media is experiencing historic levels of fear, uncertainty, and doubt (FUD), according to analysts from the analytics company Santiment, which spoke about this on its X (formerly Twitter).
📉 Markets have continued to bleed, and social media is now showing historic levels of FUD. It is rare for an hour to go where there are more mentions of “sell” than there are “buy” across crypto forums. But we’ve seen a few of these instances in just the past 24 hours,… pic.twitter.com/DdXAYP6n81
— Santiment (@santimentfeed) July 5, 2024
They noted that there are now more mentions of asset sales on cryptocurrency forums than purchases.
Experts added that for “bold traders” this is a window in which some can make purchases when the crowd is angry and frustrated.
On the night of July 5, 2024, the Bitcoin rate fell sharply below $54,000. This happened against the backdrop of the news that the bankrupt crypto exchange Mt. Gox transferred 47,229 BTC to a new address and announced the start of payments to clients in Bitcoin and Bitcoin Cash.
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Source: Cryptocurrency
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