Top lessons from this week’s Bitcoin dips (Santiment Weekly Pro Report)

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Ibis
Jan 30, 2021

It’s been another week of intense market volatility, with multiple daily +/- 10% swings for Bitcoin, another price ATH for Ethereum, and even the annual Dogecoin pump.


In this week’s Santiment Pro report, we take a deep look at what may have caused today’s -11.4% Bitcoin drop, where the market could go next, and how the on-chain activity of top-cap stablecoins might clue us in on Bitcoin’s future price action.


Decoding today’s -11% Bitcoin drop


Earlier today, $BTC surged to as high as $38.4k, shortly after Elon Musk added the word ‘Bitcoin’ to his Twitter bio. Indeed, the meme-powered economy is alive and thriving in 2021.


Following Elon’s latest social media stint, however, the mood towards the benchmark coin ostensibly changed in a matter of hours.


According to text data from 1000+ crypto social media channels, the amount of BTC-related

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Assets from this insight

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BitcoinBTC

$ 46310.02

17.67%in last 7d
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