Positive sentiment for Bitcoin grows following Libra unveiling

Positive sentiment for Bitcoin grows following Libra unveiling

June 23, 2019

Libra, Facebook, and Bitcoin were undoubtedly the three most trending words even after a week of the announcement. Besides, the king coin’s monumental rise, breaking past a short-lived $11k, was also attributed to the unveiling of Facebook’s project.

According to a recent elaborate series of tweets by the New York-based “The Tie”, a platform for cryptocurrency traders, sentiment on Bitcoin’s price movement “almost immediately flipped positive” right after the announcement of Libra Coin’s official partners by TheBlock on June 14th.

Source: The Tie|Twitter

Bitcoin tweet volume gained significant tandem soon after the announcement by the social media giant, as depicted in the chart below.

Source: BitInfoCharts

The time also coincided with the first post by Libra’s official Twitter handle which was on June 18,

According to “The Tie”,

“Tweet volume picked up substantially with 24 hour tweet volume rising from under 30,000 tweets to over 40,000 tweets within hours.”

In terms of Bitcoin tweets, it was reported by the platform that “Libra, Facebook, and #Libra” were the three most commonly used terms on June 19. Besides, over 60% of these were positive in nature, as cited by “The Tie”.

Bitcoin’s popularity or “interest” even during the 2017 boom was found to be lesser than that of Libra in just a week, according to the following Google Trends data.

Source: Bitcoin|Google Trends

Source: Facebook Libra| Google Trends

Additionally, a large percentage of Libra tweets poured from accounts that were not cryptocurrency traders. Facebook has 2.3 billion+ monthly active user base. Its foray into the industry had amassed extensive attention, even outside the crypto community. Many influencers and proponents of the space admitted that Libra could potentially bring about more “financial sovereignty” for millions of users worldwide by leveraging its substantial consumer reach.

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