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May 06 - 01:30 PM

Crypto: Chart: Social Media Indicators And Sentiments In Crypto Market - BofA

By eFXdata  —  May 06 - 01:20 PM

Bank of America Global Research discusses the impact of social media mentions on crypto sentiment. 

"Along with our BofA Predictive Analytics team, we used NLP to analyze Reddit and Twitter from Feb 3, 2022 – May 3, 2022. We note that significant increases in the number of social media mentions have at times coincided with outsized price appreciation since we began tracking," BofA notes. 

"However, the number of mentions on social media is not necessarily an indication of bullish or bearish sentiment, given base effects and the potential for negative feedback loops to increase mentions while reinforcing negative sentiment," BofA adds. 

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Source:
BofA Global Research

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