At the time, a post on r/Reddit "Bought at $19,500 AMA (purchasing AMA for $19,500)" received 1,044 comments. Today's post claiming "The big $12k Bitcoin" is only 285 comments.
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Will McDonough, CEO of blockchain technology company Diginex Americas, said: "I think the situation is different. The 2017 rise is good for the entire ecosystem, and it has brought more people to this asset class. (This time) I think institutional investors, wealthy individuals, family offices – they don't have much to invest in blockchain channels, and the easiest thing for them is bitcoin."
A new paper from the Pacific Northwest National Laboratory says public enthusiasm on sites like GitHub and Reddit may not be a good sign for price. The authors of the paper, Maria Glenski and Svitlana Volkova, created a model that predicts the price of Bitcoin one day in advance with a margin of error of 4%.
Glenski said in a telephone interview: "You can link what happens on social media to price volatility." Researchers are currently studying the spread of false rumors on platforms such as Twitter, and how these rumors are used as a pull The price is manipulated by means such as pump-and-dump schemes.
This kind of error message is very embarrassing. For example, Twitter user @Crypto_Bitlord posted on Wednesday that "the Bitcoin ETF has been approved" – this false information received 3,600 likes.
Of course, there are some good news to make the bulls happy. Square announced on Wednesday that users can store bitcoin in their Cash app. Social media giant Facebook Inc. just announced its entry into the encryption space.
But in general, despite a lot of good news and recent price increases, consumers are still tired of the price collapse of more than 70% in 2018. A SophisticatedInvestor.com platform survey of 2,000 Americans over the age of 18 found that only 4.6% of consumers have confidence in cryptocurrencies as an asset class. In fact, trust in cryptocurrencies is much lower than any other type of asset, including real estate and commodities.
Regardless of market sentiment, the fundamentals look different. According to data from Blockchain.info, the current transaction volume is 16 times lower than the historical high of December 2017.
Although Bitcoin experienced similar price increases between November and December 2017, CryptoFundResearch CEO Josh Gnaizda said in an email: "After 11 days of the above period, the price of Bitcoin reached 2 The historical high of over 10,000 dollars, and then began a long decline."
Author | Olga Kharif
Source | Bloomberg
Compile | Jhonny