A steep decline in the amount of cryptocurrency being discussed on popular social media platforms like Twitter, Telegram, Discord, Reddit, and 4Chan may be an indication that the crypto market is about to capitulate.
According to blockchain data analytics company Santiment, the substantial declines may be a sign that markets are about to capitulate, which is normally a bullish stage. The company stated, “Look at these drops as a sign that markets are approaching capitulation.”
It’s interesting to observe that, despite a decline in general cryptocurrency talk, there has been an increase in discussion about the SEC’s actions against Binance and Coinbase.
The fact that traders and investors appear to be more interested in regulatory concerns affecting significant crypto exchanges suggests a shift in attention away from the hoopla that surrounds digital currencies and towards the crucial question of their legal status.
This move comes in the wake of recent Google Trends data demonstrating a dramatic decline in worldwide interest in cryptocurrencies, reaching lows last seen in December 2020.
When combined with the Santiment data, this information paints, at least temporarily, a complete picture of the public’s waning interest in the cryptocurrency industry.
To put things in perspective, the cryptocurrency market was humming with activity and intrigue back in May 2021.
It’s still unclear if this recession will actually lead to the positive market that Santiment predicts.
