BASINGSTOKE, U.K.– Business sentiment towards cryptocurrencies as a theme declined by 8% in Q2 2022 verses Q1 2022, according to the Company Filings Analytics Database by GlobalData.
The data and analytics company reported crypto’s sentiments have been on the downtrend since Q4 2021.
As part of its research, GlobalData reported it analyzed the company filings of over 34,000 publicly listed companies worldwide, and analyzed cryptocurrencies as a theme in earnings call transcripts. The database also includes both quarterly and annual reports, IPO filings, event presentations, and ESG filings, the company said.
“Crypto assets have been hit of late, with prices having lost considerable value due to the high volatility of the market,” said Rinaldo Pereira, business fundamentals analyst at GlobalData. “Corporate sentiment has reached the lowest point in 12 months. Investors seem concerned about the risks due to inflation and rising interest rates, and corporates are likely to follow suit.”
Driven by Negativity
Global Data said the research also involved searching filings that mentioned cryptocurrency for further keywords to discover if any associations could be made between these words and the negative sentiment.
“The decline in crypto-related sentiment was largely driven by negativity around ‘Price’ and ‘Fluctuations’, as firms that have already invested heavily in crypto are naturally concerned about their profit margins,” said Pereira. “Corporates were typically neutral in their discussions around crypto investment, however, with many mentioning a rapidly evolving crypto environment, while others mentioned the impact that crypto’s high volatility had on performance.”
‘Not as Bad as it Could Be’
GlobalData noted, however, that the drop in crypto sentiment was not as bad as it could have been due a general optimism around digital assets and investment.
Research by GlobalData also identified a drop of 5% in cryptocurrency-related job postings between January 2022 and May 2022. The dip highlights a likely slowdown in new hiring amid macroeconomic pressures, the company said.
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