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Production of bean sprouts using the toxin 6-Benzylaminopurine (6-BAP) has led to criminal proceedings in Lao Cai, authorities said, after police uncovered a facility supplying toxic sprouts to wholesale markets. On April 4, Lao Cai Provincial Police announced the indictment of Chu Thi Hoa (born 1990, from Phu Tho) for…
Social media bearishness around Bitcoin has reached its highest level since the end of February, according to crypto sentiment platform Santiment. In a post on Saturday, Santiment said “FUD has crept back in with the community showing a key lack of optimism,” adding that it is “usually a common ingredient for prices rebounding.”
Santiment’s figures are based on a large sample of crypto-focused social media accounts and track the ratio of bullish to bearish Bitcoin (BTC) comments across X, Reddit, and other platforms. Santiment said markets tend to move in the opposite direction of the crowd’s expectations.
On Saturday, the ratio of bullish to bearish Bitcoin comments stood at 0.81, the lowest level since Feb. 28.
At the time of publication, Bitcoin was trading at $67,100, down 5.53% over the past 30 days, according to CoinMarketCap.
Santiment also pointed to broader market sentiment staying in “Extreme Fear.” The Crypto Fear & Greed Index, which measures overall crypto market sentiment, posted a score of 12 on Sunday and remained within “Extreme Fear” territory.
Santiment suggested the US CLARITY Act—an anticipated piece of legislation watched closely by the crypto industry—could be acting as a “what-if” catalyst that is holding back Bitcoin’s price.
Separately, Coinbase chief legal officer Paul Grewal said on Wednesday that the legislation is “moving toward” a markup hearing in the US Senate Banking Committee. He added that it could eventually move to a floor vote if senators resolve the stablecoin yield dispute and schedule a markup.
Santiment said a high level of “FUD” can be a sign that conditions may turn positive sooner rather than later, noting that “markets typically move in the opposite direction of the crowd’s expectations.”
In brief\n\nBitcoin dropped to about $93,000, falling back below the EMA50 and putting its recent golden cross at risk of invalidation. The global crypto market cap stands at $3.15 trillion, down 2.38% in 24 hours. On Myriad Markets, 82% of the money is betting on Bitcoin pumping to $100K before…
