The huge FOMO that catalyzed the crypto-market with a massive rally has cooled down. So did the tweet volume for Bitcoin and other cryptocurrencies. Facebook’s ambitious Libra project was again in the news following the latest letter issued by Democrats in the U.S. House of Representatives, a letter which asked Facebook to cease all developments. However, the hype surrounding it is merely reflective of Bitcoin’s price movement.
The recent data from Google Trends for the search query ‘Bitcoin’ is charted below, and exhibited a rise in search results after the third week of June, falling soon after the Bitcoin crash on June 26th.
The following chart for the social giant’s upcoming stablecoin, Libra, projected a massive spike in its search volumes around the same time. However, it also declined shortly.
Bitcoin’s market correction was speculated to have been induced by Libra. Many skeptics had previously predicted that the rally would be short-lived and the crypto-asset’s value would subsequently fall. However, the crypto-trading platform, “The Tie,” noted Bitcoin’s long-term market sentiment to be bullish. In a series of tweets, the platform explained that Bitcoin’s price movement has grown consistently, every month since last December 2018.
The report also indicated a 50% decline in Bitcoin and cryptocurrency-related tweet volume after Bitcoin’s peak on June 27th, when the largest cryptocurrency touched $13,311, before depreciating below the $11000-mark. According to the above analysis, Bitcoin had a dominant long term. The Tie further stated,
“We believe that recent price movement is merely a correction from the hype surrounding Libra. Sentiment within the crypto market is extremely healthy, and conversations around Bitcoin’s have continued to increase over the last year”