Crypto Markets Are Racing – Santiment Firm Analysis Is Out

The crypto markets are racing these days despite the massive volatility that we have been witnessing lately. Check out the latest reports about the prices revealed by the analytics firm Santiment.

In a new blog post, they note that the social sentiment around Bitcoin this week crashed to the lowest point since back in October 2020.

The business said that its weighted sentiment tracker analyzes the positive and negative commentary surrounding a crypto asset.

BTC’s price surge happened “immediately” after crossing that low point in terms of sentiment, according to Santiment. At the moment of writing this article, BTC is trading in the red and the king coin is priced at $43,307.

Trader money was also following suit, according to the same firm.

“Exchange contract perpetual funding rates had been skewing negative for much of the past 10 days even prior to the war becoming official. This indicated that traders were shorting the markets more than longing.”

The notes continued and revealed the following:

“Those who were betting for Bitcoin’s price to drop were caught off guard, and many were liquidated Monday.”

According to Santiment, the massive volatility in the crypto space is bound to continue amidst geopolitical tensions.

The firm also warns that Bitcoin’s current correlation with the S&P 500 is a “concern.”

“Any breakout away from this kind of correlation, which today was a very good early sign, is excellent as a signal for a continued breakout for BTC and the rest of crypto.”

Check out the complete notes revealed by the analytics firm.

A popular analyst says that the bull case for Bitcoin (BTC) is gaining steam amid strong price action, and that crypto is becoming “serious money” following recent geopolitical developments.

In the latest TechnicalRoundup newsletter, the pseudonymous analyst known as Cred says that Bitcoin’s reclaim of the $40,000 level is going very well for the top crypto by market cap’s technical market structure. Check out our previous article in order to learn more details.