Markets
Cryptocurrency Market Sentiment Split Two Months After Bitcoin Halving, Data Shows
Bitcoin’s post-halving pullback appears to have divided the crypto community, with investors seen as the most bullish group at the moment.
Cryptocurrency investors, developers, speculators and traders appear to be divided in their views on the current state of the market, with “no strong sense of consensus” currently prevailing, says cryptocurrency price aggregator CoinGecko.
In a survey conducted from mid-June to July 8 among 2,558 participants, CoinGecko gauged market sentiment. The largest group of respondents (26.1%) described themselves as “somewhat optimistic,” while the smallest group (11.8%) identified themselves as strongly pessimistic. Overall, nearly 50% of participants were optimistic despite Bitcoin’s recent price drop below $56,000.
Surveyed groups | Source: CoinGecko
CoinGecko reports that neutral sentiment was the “second most common response in the survey,” suggesting that this could indicate that respondents are “waiting for further developments before forming a view on the market.” Among the group, investors were the most optimistic, with over 54.1% feeling bullish and only 20.7% having bearish sentiments.
“In comparison, traders’ sentiments in the cryptocurrency market were largely mixed, with 39.0% expressing a bullish view and 33.5% a bearish view.”
CoinGecko
Speculators were the most pessimistic, with 28.5% feeling optimistic versus 42.4% feeling pessimistic. CoinGecko suggested that this cohort may have taken profits and “exited the market for now.”
In early July, Bitcoin (Bitcoin) the price fell rapidly as German authorities begin offloading BTC tranches onto exchanges after seizing 50,000 BTC from illegal movie site Movie2k. In a recent interview With CNBC, crypto entrepreneur Anthony Pompliano suggested that people are “afraid to buy Bitcoin” due to the influx of thousands of coins into the market, adding that BTC is currently in a very illiquid market state, with German sales having a significant impact on the price.