Global Google search traffic for the term “cryptocurrency” has reached its lowest point in five years.
What Happened: Data from Google Trends shows the current trend score stands at a mere 9, while it previously peaked on May 9, 2021, at a score of 100.
YouTuber Coffeezilla, known for investigating cryptocurrency scams, said on X, “Five years ago, search volume was low because the average person didn’t know what crypto was. Today, it’s low because the average person does know what crypto is.”
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Interestingly, searches for “Bitcoin BTC/USD,” the world’s largest cryptocurrency by market capitalization, have consistently maintained levels above those observed in 2019 and 2020.
On the other hand, searches related to “Ethereum ETH/USD,” the second-largest cryptocurrency, have experienced a dip. Although still above 2019 levels, searches for Ethereum in August 2023 reached their lowest point in nearly three years.
Why It Matters: The decline in search traffic for cryptocurrency can be influenced by various factors beyond price volatility. Notably, the Securities and Exchange Commission (SEC) has intensified its efforts to crack down on crypto entities such as Binance and Coinbase who are facing legal actions.
SEC has once more postponed its verdict on the approval of all the nation’s inaugural Bitcoin focused exchange-traded fund until October.
Price Action: At the time of writing, Bitcoin BTC/USD was trading at $25,932.55, up 0.20% in the last 24 hours, according to Benzinga Pro.
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