In a recent research on Google trends and Twitter, it has been found out that the number of tweets and their corresponding sentiments can influence prices. The research ultimately reflects that Bitcoin price trends reflect crowd psychology.
Per the research, 21 million bots on Twitter, posted information about spam, advertisements, prices, etc. Moreover, the researchers have found out that Twitter sentiment is positive in nature even in the wake of falling prices.
However, despite their findings researchers have incorporated sentiment analysis using different techniques.
Researchers have used open source VADER (Valence Aware Dictionary and Sentiment Reasoner) for analyzing tweet data. Furthermore, tweet data dating back to 2014 using the site bitinfocharts.com. Google trends data (SVI) was also taken into account.
The research has even tapped into machine learning in the linear model for the research. For the same, the data was bifurcated into a training model and tested in 80% and 20% split.
Tools such as the ‘Twitter Hype Index also resonate with the same findings.
In another news reported by CoinMarketFeed, Dubai-based financial consultancy firm deVere Group, 68% of global billionaires will either invest or plan to invest in crypto by the end of 2022.
DeVere group boasts of more than $10 billion in assets. Also, the firm has a client base of more than 80,000 clients in 100 countries.
DeVere founder and CEO Nigel Green further in the report highlighted five major factors which drive billionaires to be interested in crypto. These include- Fear Of Missing Out or FOMO. cryptocurrencies being borderless, this enables the asset to be available globally.
Moreover, cryptocurrency suits the general global trend of increasing digitalization, also it has the potential to provide solutions for real-life issues. Some of them being international remittances and providing services for the world’s two billion people unbanked population.
The survey includes respondents in nations like the United States, the United Kingdom, Australia, Japan, Qatar, Switzerland, Mexico, Hong Kong, Spain, France, Germany and South Africa and the United Arab Emirates.
Also, cryptocurrencies seem to be recovering from the long bear market. CoinMarketFeed reported, Ontology has marked remarkable gains this week and is up by 10% against the US dollar. It is the 19th largest coin by market cap. Ontology has a target of bringing 100 million PAX tokens, in a ratio of 1: 1 with USD. For the same, the Paxos team has signed a partnership with Ontology. Andy Ji- the co-founder of Ontology, further mentioned that PAXOS will look into initial KYC processes.