Bitcoin Social Sentiment Surges to 16-Month High
Bitcoin’s recent price rally has boosted trader sentiment, according to social media data. The Santiment weighted sentiment index, which tracks positive and negative comments about Bitcoin on X (formerly Twitter), has reached a 16-month high.
Positive Buzz Around Bitcoin
The positive sentiment spike comes amidst anticipation for former US President Donald Trump’s speech at the Bitcoin 2024 conference in Nashville. Trump declared his goal of making the US the “crypto capital of the world” and predicted that Bitcoin would one day overtake gold.
- Following Trump’s speech, Senator Cynthia Lummis introduced a bill proposing a “strategic Bitcoin reserve” for the US government.
- The Crypto Fear & Greed Index is showing “Greed” at 71, a significant increase from June.
Shifting Sentiment
Just a month ago, the weighted sentiment index was showing a surge in negative comments about Bitcoin as its price dipped.
This recent shift in sentiment highlights the volatility of the crypto market and the impact of major events and figures on investor sentiment.
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