‘Dip,’ ‘Buy,’ and ‘Fed’ are trending on crypto social media

The top trending phrases on crypto social media in the last seven days have been “dip,” “buy,” and “Fed.” Moreover, after a high spike on Tuesday, the term “sell” dropped out of the top ten trending topics on Thursday.

Social media users from Meta to Telegram to Twitter have created a choir, as per crypto market data aggregator Santiment, and they’re all saying the same thing. “Dip” and “buy” are the top two trending words, with “Fed,” or the Federal Reserve, coming in at number six. The recent drop is also attributed to Kazakhstan’s internet blackout, leading to a 12% decline in the Bitcoin network’s hashrate.

The monitoring platform’s behavior analysis reveals social volume for phrases on crypto social media, which might be indicative of a general attitude. It is similar to the Crypto Fear & Greed Index, which currently has a score of 18, indicating “extreme fear.”

Buy Sentiment is still one-third of December’s shopping

Despite the Index’s and some traders’ concerns of a $30,000 Bitcoin (BTC) price, social media buy Sentiment is still high. It’s still less than one-third of the 1,875-point high reached during early December, 2021 when BTC’s price dropped below $42,000.

The United States Federal Reserve is topping the list, owing to expectations about a rate increase in 2022. Vijay Boyapati, a Bitcoin bull, is unconcerned. He suggested that BTC will take off when the Fed “loses control of the bursting bubble they’ve built for the last decade” in a tweet on Wednesday.

On Tuesday, there was an unusually high level of “sell” sentiment activity. Three days ago, there was just as much pressure to sell as there was to buy on November 29, 2021, at 4,828 Santiment points. However, the bull market seemed to be in full motion at the time.

Overall, crypto sentiment appears to be hopeful that the present market movement is only a tiny blip. The topic “bear,” on the other hand, has moved up from No. 10 on Thursday evening to No. 8 on Friday.