Cryptocurrency discussion rates across leading social networks including Twitter, Telegram, Discord, Reddit, and 4Chan are witnessing a sharp downturn, hinting at possible signs of crypto market capitulation.
Blockchain data analytics firm Santiment suggests that the noticeable drop-offs could indicate markets nearing capitulation, a phase typically considered bullish. "Look at these drop-offs as a sign that markets are getting closer to capitulation," tweeted the firm.
Interestingly, amidst the dwindling overall crypto discussions, a rise has been noted in the chatter around SEC's lawsuits against Binance and Coinbase.
Traders and investors seem to be more interested in regulatory issues involving major crypto exchanges, indicating a shift in focus from the general hype surrounding digital currencies to the critical aspect of their legal standing.This development follows recent data from Google Trends, showing that global interest in cryptocurrency has taken a significant hit, falling to levels not seen since December 2020
This information, when aligned with the findings from Santiment, portrays a comprehensive picture of fading public enthusiasm in the crypto world, at least for now.
For context, back in May 2021, the cryptocurrency industry was buzzing with activity and interest.
The question remains whether this downturn will indeed yield the anticipated bullish market as suggested by Santiment.