Elon Musk and Michael Sayler It played an important role in shaping the sentiment of cryptocurrency investors in the second quarter, highlighting that new digital asset investments still exist compared to other more mature markets.
The sentiment-driven analysis of The TIE and eToro USA reveals the extent of the influence of Musk and Saylor on Bitcoin (Bitcoin) The value of the second quarter. The results are shown in eToro USA’s quarterly report under the heading “The Real Value of Influence.”
The report shows that, on average, within 24 hours of Musk’s Bitcoin tweet, the price of BTC dropped by 1.6%. However, Musk’s Bitcoin-focused tweets had a positive impact on investor sentiment and led to a 44.4% increase in the number of BTC-related tweets.
Researchers have identified three situations, among which Musk’s Bitcoin-related tweets are related to a greater price drop. On May 16, his tweet In the next 24 hours, mining centralization is related to a 7.6% drop in Bitcoin price.
Bitcoin is actually highly centralized, with the vast majority being controlled by a few large mining (aka hashing) companies.
A single coal mine in Xinjiang was flooded, almost killing the miners, and the Bitcoin hash rate dropped by 35%. Does it sound “decentralized”?https://t.co/Oom8yzGRNQ
-Elon Musk (@elonmusk) May 16, 2021
His tweet on Bitcoin’s fossil fuel use published on May 12 may cause BTC to fall by 9.4% over the same period.Finally, on May 20th, Musk’s claim Before the price of Bitcoin fell by 11.3% in 24 hours, global Bitcoin mining exceeded the energy use of some medium-sized countries.
Bitcoin hashing (a.k.a. mining) has begun to use more energy than medium-sized countries. If there is no large-scale economic scale, it is almost impossible for a small hasher to succeed.
-Elon Musk (@elonmusk) May 20, 2021
Musk said that due to environmental issues, Tesla will no longer accept BTC payments, which has aroused the contempt of the Bitcoin community.The Tesla CEO appeared to have retracted these comments last week, when he said that Bitcoin miners may have Has reached his renewable energy benchmark.
MicroStrategy CEO Michael Saylor’s tweets also seem to have affected the price of Bitcoin, but in the opposite direction. As explained by TIE and eToro USA:
“[T]Most of his tweets were posted when the price of Bitcoin rose from $11,000 to $60,000. Most people showed positive views, including MicroStrategy’s recent announcement of buying Bitcoin or promoting the asset as a whole. “
On average, within 24 hours of Saylor’s Bitcoin-focused tweets, prices rose by 4.4%, investment sentiment fell by 0.8%, and the volume of tweets jumped by 4.1%.
The CEO of MicroStrategy is Convinced Bitcoin is the “culpable” achievement of mankind, describe It is a “cure” for the inflation that destroys civilization.The entities he directly controls are Accumulated more than 111,000 BTC Since mid-2020.
— Michael Saylor (@michael_saylor) July 25, 2021
In a recent poll, Seiler ask His 1.3 million Twitter followers think how long Bitcoin will last. Among the more than 105,000 people who participated in the polls, nearly 38% said they believe that Bitcoin will last 10,000 years.
#Bitcoin Will last
— Michael Saylor (@michael_saylor) July 23, 2021
The rise of YouTube influencers
The report also highlighted the growing influence of YouTubers on the cryptocurrency market. The researcher said: “Just as well-known influencers stimulate participation in consumer products and the fashion industry, so do popular social media figures with crypto assets and agreements for users, traders, and investors.”
The report specifically pointed out that Bitboy Crypto, a channel with more than 1.1 million fans, is one of the most engaged viewers in the industry. Channels such as Coin Bureau, Altcoin Daily, and Sheldon Evans have also been cited for their substantial growth during the bull market.