The volume of cryptocurrency discussions conducted by social media influencers (on Twitter and Reddit) fell by more than 25% in Q2 2022 (April-June) compared to the previous quarter, reveals the analysis firm of GlobalData data.
The global cryptocurrency market has been impacted by several factors such as rising interest rates, soaring inflation and heightened fears of recession, forcing investors to stay away from higher assets. risky earlier this year, according to GlobalData.
“Most cryptocurrencies, including Bitcoin and Ethereum, have suffered back-to-back market price losses due to macroeconomic factors, including increasing recessionary pressure. Several Twitter influencers expect the crypto asset bear market to continue as the multi-trillion dollar crypto bubble implodes,” comments GlobalData social media analyst Smitarani Tripathy.
On the contrary, a strong recovery in influencer sentiment was seen in the third week of June with a marginal recovery in crypto prices. Some influencers are suggesting investors to remain bullish on cryptocurrencies as they expect the market to recover in the near term.
GlobalData’s social media analytics platform gathers opinions from the most popular influencers:
Peter Schiff, Chief Economist and Global Strategist at Europac
“Long-term Bitcoin #HOLDers are not worried as they have already suffered declines of 73% before. But the previous declines involved nowhere near the total market capitalization lost during that decline, nor did they involve massive leverage. This crash has only just begun. #Bitcoin will not recover.
Joe Kunkle, founder of OptionHawk
“Wait…there seems to be a lot of people who don’t realize that crypto was worthless and was just a fun bubble trade.”
TradingWithCody hedge fund manager Cody Willard
“I’ve been saying for a year or two that 99.99% of the 19,000+ cryptocurrency tokens are dumb, dumb, or fraudulent and heading toward $0. The great crypto bubble itself is beginning to unfold. The Luna Terra UST Algo Stable Piece Stupidity… 1/”
Crypto-analyst Il Capo
Il Capo de Crypto, Crypto Analyst:
“I’ve checked dozens of charts and all I see is bearish retests/liquidity grabbing. Confluence for major downside targets is insane, and that would be 40-60% down for altcoins. Bearish divergences lurking all over htf No reason to be bullish just yet.
Nouriel Roubini, CEO of Roubini Macro Associates
“Bitcoin now below 19k, a 72% crash from its all-time high in November 2021. Thousands of other shitcoins have lost 99% of their value and disappeared. And even the other “cryptocurrencies” of the Top 10 have lost 80-90% of their value because of their ATH This Ponzi house of cards is falling apart.
Nischal Shetty, Founder of WazirX
“The bull market sends your confidence skyrocketing The bear market sends your confidence plummeting Once you get through the two, your confidence will find its happy medium This is the right place to be If this is your first bear, stay strong . #Crypto #Cryptocurrency”
Cryptography Advisor Quinten Francois
“As the world laughs at us for being ‘wrong’, we stack more #Bitcoin and applaud these opportunities.”
Douglas Borthwick, INX Chief Commercial Officer
“I think we can all recognize that when things happen in #Crypto, they happen fast. Whether it’s a new innovation or a dramatic implosion. This leads me to believe that we won’t see a #cryptowinter, but instead we will see significant upward movement once the forced selling ends.
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