A recent study conducted by the blockchain-oriented analysis and research firm Clovr found that cryptocurrencies coverage thought media spiked after the market collapsed. The analysis tracked the correlation between coverage on crypto values over the past 5 years along with the sentiments of the published materials.
In line with the analysis, Clovr surveyed around 48 mainstream United States based and international media reporting’s for their sections covering cryptocurrencies from January 1st, 2013, to July 31st, 2018. All articles were analyzed employing sentiment analysis tool Valence Aware Dictionary and sEntiment Reasoner [VADER] along with the natural language Toolkit [NLTK] library in Python. The analysis enclosed the total text of 7,527 on-line news articles.
In the last weeks of 2017 crypto coverage within the media spiked following a pointy drop-off in cryptocurrencies, that was attributed to a confluence of things like robust performance of altcoins, and Bitcoin [BTC] holders mercantilism off their coins to pay for the vacation purchases. Identical trend was covered in May and June 2018, Once an additional drop by cryptocurrencies worth was followed by a short lived increase in articles. The study further adds:
“As recently as in 2016, positive articles farly exceeded negative ones, each in terms of volume and intensity. As coverage surged in mid-2017, however, articles expressing negative sentiment grew additional more common. This trend was oil-fired partly to grim prognostications by the likes of Warren Buffett and Mark Cuban, who predicted that ‘a bubble’ was underway.”
As for news sites that focused digital currency most frequently, Clovr notes Forbes and Business Insider, where “a combined 1,335 articles from these 2 sources alone were additionally positive than the median sentiment of the sampled articles, whereas solely 413 of their articles fell on the negative aspect.”
CNBC reported around 1,000 crypto-related articles through the analysed period of time, with 52.9 % being positive while around 47 % of them being negative. At the same time time, American news web-site named ‘Breitbart News’ together with left leaning American news organisation Raw Story cumulatively printed 91 negative articles with only one positive report piece. The typical avg. sentiment of Reuters, USA Today, and Gizmodo articles reportedly diminished substantially over time.
As reported earlier, Bitcoin [BTC] use for commercial payments reduced considerably this year, in line with a recent study conducted by Chainalysis. Though Chainalysis acknowledges a growing stability of the Bitcoin [BTC], the overall worth of Bitcoin payments reportedly fell from $427 Mln from last Dec. to $96 Mln in Sept. 2018.