Google Trends search query “Should I sell my Bitcoin” skyrockets
Cryptocurrency-related search queries have grown in popularity over the past week, but not for positive reasons, according to Google.
“The #cryptocurrency is at an all time high for research interest, worldwide,” the Google Trends Twitter account reported Thursday.
“What happened to cryptocurrency today? »Is up + 850% the day before worldwide
‘Should I sell my crypto’ is up + 400% the day before in the US pic.twitter.com/97hThGzDd2
– GoogleTrends (@GoogleTrends) May 19, 2021
Like CryptoSlate reported, the crypto market quickly plunged deep into the red zone on May 19 as the prices of most digital assets fell 20 to 50 percent on average. The massive plunge has been widely attributed to several announcements from China, including a potential ban on institutions that deal in cryptocurrencies and a crackdown on Bitcoin mining.
According to Google Trends, an analytics tool that allows users to measure the frequency of various search queries, topics such as “What Happened to Cryptocurrency Today” and “Should I Sell My Bitcoin ‘(or “Crypto” and “Bitcoin” in general) are currently showing a global score of 100 on the “interest over time” chart, the highest possible value.
Fear and energy worries
Interestingly, the environmental impact of Bitcoin, which has become a hot topic lately, is also extremely popular among Google users.
“Most Energy Efficient Cryptocurrency” and “Environmentally Friendly Cryptocurrency” is breakout research. “How does bitcoin use energy? +1,050% last week in the United States, ”noted the Google Trends team.
Other queries such as “Bitcoin carbon footprint” (87 points), “crypto-electricity” (100) or “mining power” (95) are also frequently searched.
Today’s cryptocurrency fear and greed index: 12
– Crypto Fear And Greed Bot (@FearAndGreedBot) May 22, 2021
Meanwhile, the “Crypto fear and greed index”, A metric that reflects the currently dominant sentiments among crypto enthusiasts, has plunged into“ extreme fear, ”hovering around 12 out of 100 points today.
The index takes into account various aspects such as volatility, market dynamics and trading volumes, social media sentiments, trends, etc. The metric ranges from 0 (maximum “Fear”) to 100 (ultimate “Greed”).
Notably, today’s “crypto fear” is at about the same level as in March 2020, when Bitcoin collapsed to around $ 5,000 amid the global coronavirus outbreak.
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