New Blockchain Defender Study: Lack Of Crypto Industry Trust is the Main Reason For Bearish Sentiments
Even though one of the biggest advantages of Blockchain was supposed to be to increase transparency, traceability, and trust, this is not the case. Blockchain Defender just released a new report that shows how a lack of trust in the crypto industry affects the prices of the coins.
BlockchainDefender is an innovative new solution for blockchain (cryptocurrencies/tokens), ICOs, exchanges, and individuals within the space. Providing online reputation management services that allow businesses – as well as individuals – to control their online presence, BlockchainDefender’s core product is search engine suppression. By displacing negative content in the search results, positive material can rise accordingly with a stronger reputation as the end result.
Their team conducted an in-depth study to determine how a lack of trust in the cryptocurrency industry affects its global market capitalization. The report looks at variations in reputation by country, and details which types of website are most likely to be negative about cryptocurrencies. Then, they examined the online reputation of several digital currencies to those of traditional exchanges. The third component of the report looks at the impact of a crisis on a cryptocurrency’s prices. Finally, the report looks at why the crypto industry has a bad reputation and how cryptocurrencies can overcome this issue.
“BlockchainDefender was approached by a number of different companies within the blockchain industry in 2017- including exchanges, cryptocurrencies, tokens, and wallets – that all had one thing in common: online reputation concerns. This trend extended into 2018 and while servicing these companies with a solution, we were scraping and gathering a lot of search engine data. When combined, this data was presenting us with some very interesting facts and figures”,
said the Managing Director at ReputationDefender, Tony McChrystal.
The conclusion of the report says that the prolonged bear market has slowed down the crypto ecosystem as a whole. This is adding to the already negative sentiments present in the market. The industry’s poor reputation has been worsened by hacks and scams, but this can be countered by making a concentrated effort to manage a cryptocurrency’s reputation. Crypto companies must publish their progress and updates to change this trend.