Bitcoin Conference Increases BTC’s Fear and Greed Index to New Highs
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The market sentiment on Bitcoin has grown positive as traders have become more bullish. The BTC Fear and Greed Index has also clocked over 70. The BTC positive sentiment hit a 16-month high score, according to Santiment.
The crypto analytics company Santiment tweeted the insights on July 28. According to Santiment, the king coin’s 20%+ rally over the past three weeks increased traders’ bullish sentiment.
The analytics company reached this conclusion by monitoring positive vs. negative comments on social media about BTC. The positive sentiment is the highest it has been since March 2023. Santiment measured these comments using the Weighted Sentiment Index, which monitors Bitcoin mentions on X.
The Bitcoin price at the time of writing is $67,515, down by approximately 0.90% in the past 24 hours. The current price is approximately 0.70% up in the past 7 days. The trading volume is up by over 46% over the past 24 hours.
Trump’s speech at the Bitcoin Conference impacts market sentiment
#Bitcoin has hit a 16-month high in positive sentiment, with its price nearing $68,000. #Santiment data shows a surge in positive social media mentions, reaching levels not seen since March 2023. This boost in sentiment is partly driven by anticipation for former #US… pic.twitter.com/5taz8gYXkK
— TOBTC (@_TOBTC) July 28, 2024
Some attribute the current positive sentiment to how the crypto community anticipated Donald Trump’s speech at the Bitcoin Conference 2024. The Bitcoin Conference 2024 took place in Nashville, Tennessee, from July 25 to 27, attracting global key figures and crypto enthusiasts.
Former President Donald Trump was one of the key speakers during the Bitcoin Conference. Others included presidential candidate Robert F. Kennedy Jr., Microstrategy’s Michael Saylor, and ARK’s CEO Cathie Woods.
Trump’s continued support for BTC and his wish to make crypto a strategic reserve for the U.S. has been gaining attention from crypto enthusiasts.
