“Combined with falling cryptocurrency prices and growing concerns about the situation with Binance and Coinbase, trader sentiment is officially at its lowest level since the COVID-19 pandemic collapsed markets,” the analysts wrote.
Back then, in the spring of 2020, the digital asset market collapsed because of the coronavirus, and the bitcoin exchange rate fell from $9000 to $5200 in two weeks.
Santiment experts based their observations on the ratio of positive to negative comments, as well as the number of cryptocurrency-related publications in social media. Usually when sentiment is positive, prices make their highs, and when sentiment becomes excessively negative, prices drop to lows, analysts wrote.
Bitcoin has lost just over 3.5% of value in the past seven days, down $1,000. The whole week the ups and downs sessions alternated. Most of the week the price changed within half a percent. On Sunday morning, June 18, the value of the world’s first cryptocurrency is around $26400.
The U.S. Securities and Exchange Commission (SEC) prosecution of the Binance and Coinbase exchanges, where the regulator accuses the platforms of listing and selling unregistered securities, has rattled markets. Both exchanges lost about $4 billion in less than a week, Nansen and Glassnode said.