Market moving: Study shows 'influence of press reports on cryptocurrencies is difficult to ignore'

Clovr, a startup focused on promoting blockchain adoption, conducted an analysis of mainstream media coverage of cryptocurrency from 2013 to 2018. The company analyzed text from over 7,500 crypto-related articles from 48 national and international media outlets. Here is what it found:

  • Prior to 2017, cryptocurrencies received minimal degrees of press coverage.
  • Coverage of bitcoin in its infancy was generally positive, but subsequent articles have been more neutral. As recently as 2016, the number of positive articles exceeded negative ones.
  • In the mid-2017, as the price of cryptocurrencies skyrocketed, negative coverage became more common.
  • Business and finance outlets that targeted younger audiences, such as Forbes and Business Insider, had positive coverages of cryptocurrencies that were above the average sentiment.
  • Over 88% of coverage from conservative media outlets were negative.

(Source: Clovr)