Dear followers and readers, it just so happens that the part of my research that i am going to discuss today, focuses on the factors, that have negative impact to Bitcoin's market and community.
In the previous post i have revealed the effect of achieving milestone and touched a little upon the speculation aspect in the market.Today i am going back to the good old sentiment score graph, and the next spike that we distinguish was once again negative.
If you would take a look at the August 1st of 2017, we have negative spike.Many of the community members remember this recent event.The negative spike was caused due to the first hard fork of Bitcoin splitting it to Btc and Bch. I remember the confusion in the market on that day, people were not certain how to act about it and as we know from history there were some cases of lost funds due to hacker attacks or simply usage of the wrong wallets for the wrong coin's.
It is clear, that fork caused negative sentiment initially, however as we know from the history, it has paved the path for many more forks in the future once people understood what it is and realized that it's the easiest way to make profit, by just holding splitting currency before the fork in order to get awarded by the equal amount of the new currency.This has shifted community's perception of works and even though this research does not reflect it, forks are considered more positively now.
Forks is certainly the determining factor of the action in the market,however it does not have much to do with what is happening in markets recently, however i believe the discussion of next two spikes will provide my readers with some insights about what is currently happening and how it will end.
Thank you for reading.
Feedback is welcome and appreciated.