over 2 years ago • 1 min
As bitcoin languishes more than 50% off the highs it set in April, crypto-focused social media accounts are finding it harder to attract new followers.
The top panel of the chart above shows how major crypto Twitter accounts attracted fewer than 20,000 new followers last week, down from a peak of more than 350,000. The pattern mirrors bitcoin’s price – charted in the lower panel – unnerving closely.
Google searches for “buy bitcoin” and “buy crypto” have also been tumbling in recent weeks.
Until the crypto community can attract fresh investor interest – whether via social media or web search – these trends suggest that bitcoin’s price may continue to struggle.
Disclaimer: These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment advisor.