Santiment, a crypto analytics platform, has issued the latest report that indicates an increase in negative sentiments about the burgeoning sector. The platform mentioned that this weekend has seen high huge FUD levels, particularly on Twitter. It stated that social media forums have been flooded with such sentiments in recent days. The company also shared a chart displaying the elevation in the bearish sentiment in the case of the comparison between the words bullish and bearish.
Santiment Says Negative Crypto Sentiments Rise on Social Media
While elaborating on this, the platform mentioned that respective results may seem a fluke. Nonetheless, while particularly examining which companies were witnessing the peak negative sentiment, the huge upsurge in the negative words for crypto seems to be majorly coming from Twitter currently. Santiment also noted in its report that the negative commentary regarding the markets has also been seeing unusually heightened levels.
It added that “#cryptocash” has been the chief hashtag trending on Twitter. In addition to this, the primary crypto Bitcoin’s slight -5% pullback took place nearly 3 days back. The company mentioned that the respective extent of negativity mounting on the markets can be capitalized on normally. Apart from that, Santiment also pointed toward a positive outcome of this whole scenario.
Company Thinks This Could Also Result in a Good Bounce in the Industry
It asserted that such an enormously bearish trend can pave the way for a fine bounce in the industry. As a result of this, those who criticize this sector could be silenced. Santiment also presented a chart containing the funding rates. As per the platform, the traders have mixed sentiments about the longing and shorting markets at the moment. Hence, the spiking negative comments may have some bigger reasons behind them. It clarified that rates of perpetual contract funding on exchanges are not particularly matching the respective sentiment.