eToro, an investment platform released a State of Digital Assets report for the first quarter of 2020. The document consists of 50-pages that tours an in-depth market insights, macro trends, and community sentiment.
As this document is far lengthy and can take much of your precious time, we have come up with the key findings and every information of the report in detail.
With the start of the report, the report covers that over 35 percent of eToro users have Bitcoin, whereas over 97 percent of users are on the assets.
In the report, there is Twitter data combined by eToro partner TheTie. Furthermore, it states that this is a positive investor sentiment as Bitcoin-related tweet volume has reached 47 percent in the very first quarter of 2020 with over 60 percent of positive cases. This recent market turmoil results in the widespread coronavirus pandemic across the globe.
With this sudden fall of the economy, Bitcoin’s foundational narrative as digital gold is has also resulted in negative within its first major test. So the report covers that, Bitcoin started this current year as the worst global financial crisis since the fall of central bank monetary policy.
Considering social media reports, the analysis among Bitcoin acolytes is narrative enough with the sound. Moreover, from the sources of TheTie’s data, sentiment correlations between Bitcoin and gold have escalated majorly from the last month of the previous year. Whereas sentiment correlations between Bitcoin and the S&P 500 index have been minimum.
If we come in the real market world, market data narrates that Bitcoin’s correlation with the S&P 500 has reached a new all-time high. Moreover, gold’s correlation and Bitcoin seems positive but it has a lesser degree than its correlation with the S&P 500.
Most of the assets are in trend and moving in the same direction due to the stability in dollars. The report covers that with the beginning of economic downturns, most of the major investors are expected to flock to cash and hold across the board.