Will Smith and Chris Rock’s Oscars drama takes centre stage among crypto enthusiasts even as Bitcoin makes significant gains and recovers to last year’s closing price.
It is somewhat surprising that social media is not awash with euphoria following Bitcoin’s astonishing surge in the last seven days. The foremost cryptocurrency rallied and posted significant gains, which have seen it cancel the losses incurred in 2022 and reach 2021’s closing price.
Coinmarketcap data shows that over the last seven days, Bitcoin has gained 13%, rising from around $41500 to $48000. interestingly a look across social media trends reveals that no crypto-related topics have garnered interest despite the surge.
Oscars Take Centre Stage
Santiment has revealed that activities not related to cryptocurrency has continued to dominate discourse in the space. Following Will Smith’s viral altercation with comedian Chris Rock at the 87th Oscars, subjects related to the incident have dominated social media. Crypto platforms have also been affected, with the top 10 trends cross them all related to the events at the academy awards.
Source: Santiment
Although rare that crypto forums do not have a single subject directly related to cryptocurrency, it is more surprising given BTCs performance. The social trends table shows Smith, Chris and Slap top the list of most mentioned subjects. Other trending topics include Jada, assault, Oscars and joke.
Following the incident, Smith issued an apology to Rock in a brief statement posted on Instagram. He claimed that he was out of line and wrong for walking out on stage at the Dolby theatres and hitting him on Sunday night. This apology came shortly after the Academy of Motion Picture Arts, and Sciences condemned the action and launched a “formal review” of the incident.
Despite solid disapproval, it is still unclear what consequences Smith could face from the academy’s review. However, reports suggest that his Oscar for the best actor, which he won after the incident, would not be taken away.
Percentage Bitcoin Supply Mimicks Historical Data
Onchain data pointed out by bitcoin Analyst Dylan Leclair revealed a unique occurrence following Bitcoin’s surge in value. Leclair discovered that only one other occasion in BTC’s history has the supply percentage that hasn’t moved in almost a year has been this high. The last time was in September 2020.
The data shows a change in the behaviour of new addresses that have purchased Bitcoin within the last year. Over 60% of these addresses have touched their holdings in the previous year, signifying that new retail investors are hodling their BTC.
Data provided by Cryptoquant further also supports this sentiment. The Exchange Netflow, the difference between coins flowing into and out of the exchange is negative. With the value hitting -401.12% in the last 24 hours. This is indicative of significant buying pressure in the market which has resulted in the price surge.
Consequently, in the face of growing global macro winds, questions are being asked about the sustainability of BTC’s price increase. Both bearish and bullish patterns currently exist in the market as presented by Tascha, a macroeconomist in a Twitter thread.
Tascha argues that in the short term, the various sectors of the cryptocurrency market look bad despite the surge in price. However, with the evolution and increased adoption set to come into the space, the outlook is bullish.
With these sentiments, short term investors would be wary about how they approach the market. For long term traders, they can rest easy knowing that the current climate would only lead to greater adoption of digital assets.
Do you think Bitcoin’s current price surge is sustainable? Let us know your thoughts in the comments below.
Chris is a crypto enthusiast and a firm believer in the blockchain’s ability to create a new financial paradigm. Through writing, Chris hopes to expose the intricacies of this disruptive technology and how it is beneficial to Africans and developing countries. He aims to give readers a rational and unbiased outlook of the industry by equipping them with the necessary information to make enlightened investment decisions.
