Google searches for cryptocurrency-related keywords have fallen to a 29-month low amid continued volatility in the industry. Data from Google Analytics shows that crypto-related web searches peaked between the last week of December 2020 and today in 2021 before declining. The back-to-back crashes of promising crypto projects, multiple hacker attacks, and global regulatory uncertainty surrounding crypto may be among the main reasons why enthusiasm for this burgeoning digital asset class may have dwindled so drastically.
Bitcoin And ether — the two most valuable and popular cryptocurrencies — appear to have lost some of their credibility among crypto enthusiasts over the past few months, a CryptoPotato said report citing Google data.
It is worth noting that both BTC and ETH were trading around their all-time highs of $68,000 (about 56 lakh rupees) and $4,700 (about 3.8 lakh rupees) respectively in November 2021 – which explains why these keywords were attracting more searches on Google at that time. However, currently it is both BTC and ETH trade at a price well below their most recent all-time highs. As of Wednesday, June 7, bitcoin is trading at $25,600 (about 21 lakh rupees), while ether is priced at $1,876 (about 1.54 lakh rupees).
Along with BTC and ETH, most cryptocurrencies have been trading at low levels for a while, hurting investor interest in the entire sector.
“Crypto” search trends are at their lowest since December 2020.
This is also in line with exchange volumes, which were at 32-month lows last May.
Apathy? pic.twitter.com/UPOmhNGeDN
— Coin Bureau (@coinbureau) June 4, 2023
Both retail and institutional investors both seem to have lost interest in the crypto sector, especially after projects like FTX And Terra collapsed last year due to internal mismanagement, leading to billions in losses in 2022.
Additionally, 2022 proved to be the worst year since cryptocurrency heists began, with hackers stealing up to $3.8 billion (nearly $31,100 crore), with 32 separate attacks recorded in October alone, a Chainalysis Report had claimed in February of this year. Putting your funds at risk of being stolen could play a major role in driving investors out of the market for now.
The Crypto Fear and Greed Index, meanwhile, has been “neutral” around the 53 level for over a month, suggesting activity in the sector has been broadly flat for at least 30 days.
However, it is worth noting that Google searches for Decentralized Finance and DeFi allegedly skyrocketed this year. That back to back collapse by three traditional banks in the US may have piqued people’s interest in understanding what DeFi has to offer.
While Nigeria has contributed to the most crypto-related searches on Google this year, South American countries are showing little or no interest in exploring cryptocurrencies over the web.
Reportedly, searches for memecoins on Google soared afterward Pepe Coin caused a sensation on the market at the beginning of the year.
Currently, the valuation of the crypto sector is $1.12 trillion (roughly 92,82,759 crore). CoinMarketCap.
Nations around the world are working individually or in groups to formulate appropriate rules to govern the crypto space and make it financially stable for investors. For example, the European Union has approved a detailed set of crypto rules micawhich would be uniformly enforced across the EU and available for all crypto players and investors to comply with.
IndiaOn the other hand, it is working with G20 member countries to introduce crypto rules that could be used for international space surveillance.
