• Santiment says that after Bitcoin’s sudden collapse below $26,000, the use of the term “bear market” has increased to an 11-week high on social media platforms, which is a bullish signal.
• Deep-pocketed investors have started accumulating Bitcoin again, which contributed to BTC’s rally on Wednesday.
• There is increasing concern on social media about the state of the world’s top crypto exchange Binance, including market manipulation rumors that may be impacting Bitcoin’s price.
Santiment Indicates Bullish Signal After Bitcoin Crash
Crypto analytics platform Santiment has identified a key social metric indicating crypto markets may soon rebound after crashing when Bitcoin suddenly fell below $26,000. The term “bear market” has reached an 11-week high on social media platforms as traders show fear and uncertainty with current conditions. This could mean positive signs for price rises in the near future.
Big Investors Accumulating Bitcoin
Bitcoin prices jumped back up to $26,800 as key whale and shark addresses are collectively adding to their stacks since August 17th. Currently 156,660 wallets holding between 10 and 10,000 BTC have accumulated over $308 million USD during this time.
Increasing Concern Over Binance
Traders are also increasingly talking about Binance and its native token BNB on social media platforms. Allegations point to CEO Changpeng Zhao continuing to actively sell off their share of Bitcoin in order to prop up BNB above key support levels. Despite these concerns, BNB is currently trading at around $216 at time of writing – up 0.6% in the last 24 hours.
Bitcoin Price Today
At time of writing, Bitcoin is trading for $26,042 – down 0.4% in the last 24 hours.
The increase in bearish sentiment on social media indicates that crypto markets may be poised for a rebound soon despite current market conditions and ongoing concerns over Binance’s activities influencing prices negatively or positively depending who you ask!