Crowd Sentiment towards Crypto Turns Bearish as Inflation Data Looms

The crypto market has not yet been able to find the right footing based on tightened macroeconomic factors and Russia’s invasion of Ukraine.

As a result, crowd sentiment toward cryptocurrencies has turned negative. Market insight provider Santiment explained:

“With Bitcoin, Ethereum, and most altcoins ticking down slightly Monday, the crowd’s bearish outlook continues to be evident. Green bars indicate more FUD than usual toward an asset, and red bars indicate more FOMO.”

Source: Santiment

Based on Santiment’s data, fear, uncertainty & doubt (FUD) continue to rock the crypto market, prompting a bearish outlook. Bitcoin (BTC) and Ethereum were down by 1.89% and 2.95% to hit $19,067 and $1,278, respectively, during intraday trading, according to CoinMarketCap. 

This trend is being witnessed ahead of the release of the U.S. inflation data scheduled for October 13. 

Riyad Carey, a research analyst at Kaiko, pointed out:

“There seems to be some jitters and…