The collapse of the beleaguered FTX and the arrest of its disgraced founder Sam Bankman-fried has traumatized the entire cryptocurrency market.
With increased regulatory scrutiny and investigations, the crypto market is experiencing historically high negativity, not just directed at Bitcoin USD/BTC Y Ethereal EUR/USD, but the entire sector. Now new data shows that pessimism is reaching a threshold level, indicating a potential bottom.
According to leading cryptanalysis firm Santiment, a metric indicates a bullish turn in the market based on previous bear market pivot points.
Santiment says that fear, uncertainty and doubt (FUD) in the market is reaching all-time highs, as determined by the prevalence of negative crypto terms. These include terms like "sell" that are tracked across multiple social media platforms.
The crypto firm said three altcoins indicate bullish sentiment with dormant wallet activity.
holyday too He says Automatic Yield Farming Protocol yearn for finances YFI/USD shows unusual network activity "after a brief period of depression."
The crypto company said that the decentralized crypto exchange uniswap UNI/USD is showing strong growth in network activity.
Similarly, the decentralized financing project Ren REN/USD "It's not rebounding as strongly because of its difficult financial situation."
Also read: The Wolf of Wall Street Says He Was Wrong About Bitcoin: "I Really Hated Crypto"
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