WASHINGTON–The chaos in the cryptocurrency market is being reflected in how often “crypto” is appearing in social media.
Most recently, FTX, one of the world’s biggest crypto exchanges, has filed for Chapter 11 bankruptcy protection in the U.S., with many of its investors suffering substantial losses and significant mystery around where the funds might be.
Against this backdrop, social media sentiment around ‘cryptocurrency’ has plunged by almost 70% and touched the year’s lowest in November 2022, according to the Social Media Analytics Platform of GlobalData.
“Reportedly, scams and frauds related to cryptocurrency have skyrocketed over the year across the top exchanges. Subsequently, social media discussions around ‘cryptocurrency’ also fell by 76% from January to November,” GlobalData reported.
“Social media net sentiments have fallen by 70% in 2022, from January to November, as the multi-trillion dollar crypto bubble, including top trading cryptos such as bitcoin and Ethereum, is imploding,” said Smitarani Tripathy, social media analyst at GlobalData. “Most of the Twitter influencers expect the crypto market to continue the downward trend and a few expect it to even collapse completely.”
What’s Being Said
Among some of the popular influencer opinions captured by the GlobalData’s Social Media Analytics Platform:
- “Also… cryptocurrencies are "going to die. There’s a limited amount of real money left… and as that money gets pulled out there will be less and less…speculative activity. No one’s coming in with fresh capital, and Ponzi schemes without new suckers disappear." –Ian Brown, visiting professor of CTS-FGV
- “A year ago #Bitcoin hit $69,000. One of the main reason for the spectacular rally was all the leverage that funded unprecedented #crypto advertising and speculative buying. The #FTX bankruptcy proves the entire rally was a fraud. It will never be repeated. Bitcoin mania is over.” –Peter Schiff, chief economist
- “A person I have known for more than ten years, who I consider trustworthy, is convinced the cryptocurrency economy will shortly experience a systemic risk. I don’t know anything concrete, but if I were exposed, I would be concerned.” –Paul Graham
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