We can comfortably say that social media impacts the financial market on a global scale. Twitter, Reddit, or YouTube — these platforms have been featured under the microscope for some years now — and how they influence the crypto market, particularly Bitcoin, is rapidly on the rise.
Gone are the days when Bitcoin’s price was solely affected by the traditional “economy.” In fact, the current Bitcoin price is more than ever affected by social media. The Bitcoin ecosystem breathes social media. Influencers, traders, and tech-savvy celebrities share their thoughts online 24 hours a day, seven days a week.
Bitcoin rumors, Bitcoin-related news, and Bitcoin announcements are literally setting social media on fire. Whether it be another regulatory crypto headline or a plain rumor about a random institution buying Bitcoin — it’s all happening, and it’s all being shared with millions of people in a split second. Social media and the crypto market are pieces of the same puzzle now.
Crypto and Bitcoin subreddits are places where users share theories. All kinds of people with all kinds of backgrounds share everything from technical analysis to plain conspiracy theories in one big feed — collectively, they influence Bitcoin’s fluctuating price.
Crypto influencers and experts control how social media affects the bitcoin price. That’s because they control people’s minds and actions. They do this by dumbing down difficult topics to layman’s terms that everyday people can listen to and understand with ease.
The great thing right now about our world is that because of social media privacy, an average Joe can be an influencer and, of course, trustworthy! You can become an anonymous guy with thousands of followers, talking about great content and making great predictions.
Though information becoming more decentralized is a great thing, but as usual, we have to look at this situation as a double-edged knife. Just as how the masses could easily spread the word, they also have the power to act as a single unit to become a fud (fear, uncertainty, and doubt) powerhouse to potentially move the bitcoin price by creating fake news about the cryptocurrency.
Bitcoin is a very volatile asset. We can say social media is one of the reasons for this. The spreading of FOMO (Fear Of Missing Out) and FUD (Fear, Uncertainty, Doubt) is a daily occurrence on these platforms.
One social media action is enough. For instance, one good tweet or one good headline helps to spread FOMO and positively affects the bitcoin price. On the other hand, one negative tweet or one negative headline will help to spread FUD; people will panic, and the price of Bitcoin will fall. That is how the price of Bitcoin is changing nowadays.
But how to know the latest Bitcoin news, trends, usherings, and changes in price action? You will have to follow the right figures and the right platform. With the right platform, investors will be able to get live updates on the latest Bitcoin price within the market.
Social media move the bitcoin price today. One tweet, one YouTube video, one reddit post, and you could change the market sentiment. You may not be able to keep up with bitcoin social media situation. But at least, do some research and find out more about what is happening.
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