crypto strategy

This key metric shows a historically bullish signal for the crypto market – Bitcoin (BTC/USD), Ethereum (ETH/USD)

The Collapse of Beleaguered FTX and the Arrest of its Disgraced Founder Sam Bankman Fried traumatized the entire cryptocurrency market.

With growing regulatory scrutiny and investigations, the crypto market is seeing historically high negativity, not only directed at Bitcoin BTC/USD and Ethereum ETH/USD, but the entire sector. Now, new data shows that pessimism is bottoming out, signaling a potential bottom.

According to leading crypto analytics firm Santiment, a metric signals a bullish turn in the market based on previous bear market pivot points.

According to Santiment, fear, uncertainty, and doubt (FUD) in the market are skyrocketing, as determined by the prevalence of negative crypto terms. These include terms like “sell” followed on multiple social media platforms.

The crypto firm said three altcoins are signaling bullish sentiment with activity coming from dormant wallets.

Healing too said automatic yield farming protocol Aspire Finance YFI/USD shows unusual network activity “after a short period of depression”.

The crypto firm said the decentralized crypto exchange Uniswap UNI/USD shows strong growth in network activity.

Similarly, the decentralized financing project ren EUR/USD does not “recover so strongly due to his complicated financial situation”.

Read also : The Wolf of Wall Street Says He Was Wrong About Bitcoin: “I Really Hated Crypto”

Photo: Courtesy of Shutterstock.

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