Last week, Bitcoin (BTC) saw its price rise 6.95%, rising from $10,804 on October 5 to $11,555 by October 12. The surge marked the best performing week for the price of Bitcoin since July and data show a noticeable shift in market sentiment around the digital asset.
According to data from TheTie, an alternative data provider for digital assets, the daily sentiment score for Bitcoin has reached 62.4. The metric measures the tone of conversations in Twitter to derive positive or negative sentiment in the market, and any score above 50 implies that market sentiment is positive.
Bitcoin Price vs. Sentiment. Source: TheTie
Bitcoin and the rest of the crypto industry endured a fair share of negative press at the start of October. The CFTC and DOJ cracked down on BitMEX exchange, charging the company with illegally operating a derivatives exchange on Oct. 1 and the UK’s FCA banned retail cryptocurrency derivatives on Oct. 6.
However, neither of