Report Contents

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1. Introduction

2. Facebook Fuels Crypto Chatter

3. SOV Trends in Crypto

4. Crypto Exchange Landscape

5. Hashtags of the Cryptoverse: A Growing Interest in Sustainability

6. Sentiment Surrounding Crypto

7. Key Findings

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1. Introduction

The rise of cryptocurrencies (crypto) has reshaped value exchange and investment strategies. As digital assets like Bitcoin (BTC), Ethereum (ETH), and other stablecoins gain popularity, understanding their evolving perception is crucial for investors and enthusiasts alike.

Amidst the conversation surrounding crypto, Truescope’s media monitoring tool serves as an indispensable instrument for deciphering market sentiments, tracking regulatory shifts, and identifying emerging trends. By analysing social media chatter from 25 Apr to 24 May across platforms such as FB, X, IG, Forums, LinkedIn, YT, and TikTok, this comprehensive approach ensures a well-rounded view of the dynamic crypto landscape.

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2. Facebook Fuels Crypto Chatter

Of all media platforms, Facebook led the crypto discussions, closely trailed by X and Forum. Topics included the political use in election, the passing of Dogecoin’s face ‘Kabosu’, and FTX returning $11.2 billion to creditors, prompting netizens to call for punishment on those involved and praise for restoring trust and stability within the crypto industry.

On the week of 17 May, X saw threads on the launch of memecoin $STILL. Meanwhile, Forum users debated whether to fully pay off HDB with $500,000 or invest it in stocks/crypto, with users offering diverse perspectives on both options.

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This shows that each social media platform fosters unique discussions on a singular subject. Facebook focuses on in-depth events and controversies, X for trending updates, while Forums detail financial events.

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3. SOV Trends in Crypto

Cryptos represent a dynamic landscape, facilitating peer-to-peer transactions, with Bitcoin
leading as the pioneering and predominant digital currency.

Bitcoin covered topics ranging from mining to price updates, with increased attention on wallet retrieval among users and investment strategies amid its resurgence.

Solana, despite being a newcomer to the crypto market, emerged as a prominent blockchain platform. The digital public advocated for it to be the next crypto to get an ETF after Ethereum, while others argue for XRP.

Ethereum has stirred the crypto market with the first-ever spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC), boosting investor confidence and advancing crypto into mainstream finance.

Other emerging cryptos were Dogecoin and XRP. Dogecoin gained attention following the death of Kabosu-the face of the “Doge” meme, while XRP was discussed for price updates and potential ETF listings after Ethereum.

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4. Crypto Exchange Landscape

Crypto exchange platforms facilitate digital assets trading, with key players including Binance, Coinbase, Kraken, Bybit, and Kucoin.

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Binance, the leading crypto exchange, faced discussions on money laundering violations, terrorist financing laws, and allegations on financial and economic crimes from the Nigerian government. Despite these challenges, it played a role in a significant money laundering case in Taiwan and seeks authorisation as a Virtual Asset Service Provider (VASP) in India.

Coinbase, recognised the pivotal impact of regulatory developments on U.S. crypto markets with its advocacy for regulatory clarity. Collaborating with industry peers, it has committed to combating online fraud across social media, dating apps, and crypto platforms.

Kraken has joined forces with Coinbase in the fight against online fraud, including crypto scams like the pig butchering scheme. Furthermore, Kraken is currently undertaking efforts to challenge a lawsuit brought forth by the Securities and Exchange Commission (SEC).

Other notable crypto exchange platforms include Bybit and Kucoin. Bybit has reached over 30 Million registered users worldwide, marking a significant milestone in its growth. Meanwhile, Kucoin, has been approved to operate as a Virtual Asset Service Provider (VASP), similar to Bitcoin.

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5. Hashtags of the Cryptoverse: A Growing Interest in Sustainability

Discussions on crypto and bitcoin were often accompanied by hashtags like "sustainability" and "renewable energy", with a considerable interest in the transition of cryptomining towards sustainable practices.

New memecoins and crypto projects focus on energy efficiency and environmental impact, with the financial sector increasingly interested in offering digital payment token services.

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6. Sentiment Surrounding Crypto

Positive sentiments in crypto were driven by its profitability in trading, collaborative efforts among companies to combat online fraud and scams, and a rising interest in crypto that highlights the need for credible education to navigate its complexities, manage financial risks, and seek reliable guidance.

Negative sentiments surrounding crypto have been fueled by concerns over money laundering, scams, transaction manipulation, fraud, and the sentencing of Binance founder Changpeng Zhao.

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7. Key Findings

Crypto as Utility and Investment, Fostering Mentorship and Optimism

Crypto have transcended their origins as speculative assets to become integral components of personal utility and diversified investment portfolios. This dual role not only enhances their practical utility in everyday transactions but also positions them as viable long-term investment vehicles, buoyed by increasing mentorship opportunities and optimistic market sentiment.

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Blockchain Intergration: Driving Business Innovation

The integration of blockchain technology across diverse sectors underscores its transformative potential beyond crypto transactions. Businesses are leveraging blockchain for enhanced operational efficiencies, secure data management, and innovative digital solutions, positioning it as a cornerstone of future technological advancements.

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Industry Maturation: Sustainability and Compliance

The crypto industry is maturing with increased regulatory scrutiny, efforts to enhance sustainability, and exchanges tackling compliance issues and financial crimes. There's also a notable shift towards sustainable mining and environmental responsibility, underscoring a broader commitment to ethical governance.

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