Blockchain-based research firm Clovr discovered that every time the market drops, mainstream media coverage of cryptocurrency increases. A correlation between the opinions that were shared in various publications and crypto values during the last 5 years were tracked in the study. Clovr took a survey of 48 U.S. and international media organizations for stories that covered cryptocurrency between January 1, 2013, and July 31, 2018. Several opinionated analytical tools were used to investigate the documents including Valence Aware Dictionary, sEntiment Reasoner (otherwise known as VADER), and the Natural Language Toolkit (otherwise known as NLTK) in Python. There were a total of 7,527 online articles included in the analysis. During the last couple of weeks of 2017, there was an increase in media coverage regarding crypto after cryptocurrency dropped off sharply, due in part to a number of factors such as Bitcoin (BTC) holders selling off coins to pay for holiday purchases, and altcoins performing strongly. In May and June of 2018, this trend was reported again after crypto values dropped further, which increased the number of news articles temporarily. In terms of intensity and volume, there were more positive articles than negative articles as recently as 2016. Articles which expressed more negative opinions were beginning to become more common in the middle of 2017. This was partly fueled by grim projections from Mark Cuban and Warren Buffett, who hypothesized that a bubble might be on its way. Clovr cites Business Insider and Forbes as the two news sources that covered digital currency the most often. A combined 1,335 articles from the sources were more favorable than the middle-of-the-road opinions expressed in some of the articles that were sampled. 413 other articles were less favorable. Around 1,000 crypto-related articles were released by CNBC during the same period with 47 percent of them being negative and the other 52.9 percent being positive. Together, right-leaning news source Breitbart News and left-leaning news source Raw Story posted only one positive article and 91 negative articles. Over time, the average number of opinionated articles from Gizmodo, USA Today, and Reuters dropped significantly. A study by Chainalysis earlier this year found that BTC usage for commercial payments had declined considerably. While Chainalysis realizes that BTC has been steadily growing, Bitcoin values have dropped from $427 million in December of 2017 to $96 million in September 2018.
Subscribe to Find the Best Cryptocurrencies & News - 99 Crypto
Get the latest posts delivered right to your inbox.