New research suggests that Bitcoin’s slump is covered more commonly and in greater detail by media houses compared to its times of glory. As per the research conducted by Clovr, mainstream media tends to turn its attention towards Bitcoin only when bad times struck. The study reveals that the highest amount of coverage was observed when the Bitcoin price tell from its December 2017 pinnacle to a pitiful value at the beginning of the current year.
However, that is not to say that Bitcoin price did not get media attention in the epic run up to last December’s brush with a $20000 range. The Bitcoin price history has been a largely tumultuous one and the media attention has come hard and fast. Even so, it does seem that the price slump takes the cake. Every time the price fell this year, the media coverage seemed to pick up pace, focusing on minute details of what caused the plummet in price, what the experts’ opinions were and what the price outlook seemed to be in the short as well as long run. The report notes:
“The appeal of reporting disaster might explain more recent trends in coverage as well; in May and June 2018, for example, a slide in value correlated with a temporary increase in articles.”
While the heightened media attention during distressful times seems to be a direct reflection of the media’s penchant to identify a hype that would sell, the consumers can hardly escape responsibility for the same. The report comments that the periods of slump saw a higher number of searches from regular users and crypto enthusiasts about the situation of Bitcoin price.Clearly, the media’s enhanced coverage was mostly a means of pandering to consumer demand and inclination.
The report has made some further observations, which are far from being reassuring. It seems that although Bitcoin enjoyed supportive articles and positive opinions in most publications about two years back, that is no longer the case. Nowadays, we find more and more articles casting aspersions on its ability to turn back, and speculations about if Bitcoin is really a bubble. As is obvious from these aspects of the report, the media is raking in the moolah by focusing on Bitcoin’s bad days and users are doing nothing to help.