The instability of the crypto market that has been representing it lately has led investors to present different levels of stress, For this reason, CoinKickoff carried out a study on tweets to account for the countries and/or cities in which there is a higher level of stress from the bankruptcy of FTX.
CoinKickoff analyzed the tweets through a sentiment-tracking algorithm that gives a value to the stress levels that can be captured in the posts.
In this month of November, the news of the FTX bankruptcy impacted the crypto market and caused the levels of confidence in users to plummet completely, which at the same time brought them to suffer high levels of stress due to the uncertainty of what will happen .
According to CoinKickoff, The country that showed the greatest stress through tweets was the United States with 51.30% in stress levels. The second country on the list is China, which presented a percentage of 31.02% of tweets that reflect stress on Twitter. Third on the list is the United Arab Emirates with 30.52% of stressed tweets.
The other countries that continue with the list of the 15 countries with the most stressed tweets as a result of the FTX collapse are: The Netherlands (29.61%), Egypt (28.99%), Ireland (28.79%), United Kingdom (28.76%), Czechia (28.62%), New Zealand (28.43%), Switzerland (27.80%), Singapore (27.78%), Canada (27.42%), Germany (27.39%), Portugal (27.09%) and finally, Bangladesh (26.68% ).
Market volatility and FTX: stressors for US states
Despite the creation and approval of an executive order made by President Joe Biden in 2021 to guarantee the regulation of the cryptographic industry and the protection of investors, companies and consumers, of the 50 United States, New Mexico is the one with the highest levels of stress (33.1%) due to the volatility of cryptocurrencies.
Likewise, the bankruptcy of FTX has caused a stir taking the feeling of stress higher than it already wasNext, the 10 states most stressed by this situation that shook the market and that have shown it on the social network Twitter will be presented:
New Mexico (59.31%), Maryland (56.81%), Missouri (56.63%), Indiana (56.43%), New York (56.05%), Oklahoma (55.18%), Colorado (54.30%), Virginia (53.69%), Massachusetts (53.38%) and Lowa (53.27%).
Top 10 US cities most stressed by the closure of FTX
Secondly, On the day FTX was closed, Twitter became a fundamental space for discussion on the subject, which helped CoinKickoff to apply the sentimental tracking algorithm and make a top 10 of the cities in the United States that presented stress traits in the publications.
These cities were: Washington DC (58.32%), Indianapolis, IN (57.31%), Kansas City, MO (57.71%), Baltimore, MD (56.45%), New York, NY (56.27%), St. Louis, MO ( 55.93%), Denver, Colorado (55.74%), Raleigh, North Carolina (55.31%), Fremont, California (55.00%), San Jose, CA (54.92%).
Top global cities to have high levels of FTX stress
Of the 10 global cities that will be presented below, more than half are from the United States and use the social network Twitter as a space to express their feelings as a result of the FTX bankruptcy.
United States: New York (56.27%), Boston (53.44%), Chicago (53.24%), Los Angeles (52.30%), San Francisco (50.80%). China: Shanghai (33.76%). Bangladesh: Dhaka (32.15%). Tunisia: Tunisia (30.69%). Netherlands: Amsterdam (30.38%). Canada: Toronto (30.04%).
Situation of the holders of the FTT token
Following the FTX crash, which took the crypto industry by surprise, CoinKickoff reported that “our analysis shows that FTX (#FTT) token investors are the most eager to buy, with 37.99% of tweets about it containing stressed sentiments, more than those about Tether (35.92%) and Bitcoin (34.80%).”
A more general view
Carrying out a more general analysis, CoinKickoff found that, Of the 131 countries in which the purchase and sale of cryptocurrencies is allowed, the United Arab Emirates is the one with the greatest anxiety about investing in them. “30% of cryptocurrency tweets contain stressed sentiments, more than investors from Poland (28.3%) and Ireland (28.2%),” CoinKickoff explained.
Secondly, Amsterdam is positioned as the most stressed city globally by crypto assetsdespite being receptive to the subject of digital assets, showed that its investors handle high levels of stress through their tweets, which according to the study, 30.7% contain a feeling of stress.
“The channel city is home to Europe’s largest blockchain expo, the Bitcoin Embassy, and the European headquarters of BitPay, the industry’s largest payment processor. Meanwhile, residents of Warsaw (29.8%) and Cairo (29.4%), where the Egyptian government banned cryptocurrency, are also feeling the heat.” detailed CoinKickoff.
And arriving in the United States, following what was published by CoinKickoff, the Pew Research Center carried out a survey that found that the 16% of Americans have carried out some activity related to the cryptographic industry, either invest, use them or exchange; which led to digital currencies having more than 30% acceptance in people under 30 years of age.
Which implies that the development of the crypto environment in the USA is on the rise, that is, more and more people are waiting for it. CoinKickoff explained that “Our study found that residents of Albuquerque, New Mexico, are the most stressed, with 32.6% anxiously tweeting about cryptocurrency in the city, more than those in Tucson, Arizona (30%) and Portland, Oregon (28%). ,two %).”
In closing, CoinKickoff reported that “To analyze the stress level in tweets, we used the TensiStrength sentiment analysis tool, which assigns a numerical value to the stress levels of social media posts. We were then able to calculate the proportion of stressed tweets for each area and cryptocurrency.”.
They also selected 722,972 “geotagged” tweets from major cities around the world that had tags and hashtags of the top 50 cryptocurrencies with the highest market capitalization.
The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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