The question ‘Should I sell my Bitcoin?’ surges on Google Trends.
The interest of the users in cryptocurrencies have risen up to a new all-time high during this week’s panic-selling. It is very visible in Google Trends.
Search queries about cryptocurrencies have gained attention and went to a new all-time high during Bitcoin’s brutal week. But it is not for good reasons.
The crypto market smoothly went deep into the rock bottom last May 19. That day, the prices of most digital assets dropped by around 20% and 50% on average. The enormous drop was blamed on many announcements that came from China. Also, there is a potential ban on institutions that are dealing with cryptocurrencies and a crackdown on Bitcoin mining.
Google Trends, an analytic tool that lets the users measure the frequency of different search queries, says that questions like “What happened to cryptocurrency today?” and “Should I sell my Bitcoin?” are not showing a score of 100 in the “interest over time” chart. It is the highest value ever.
Bitcoin’s Environmental Impact
Remarkably, Bitcoin environmental issue, which lately has become a hot topic, is extremely popular amidst the users of Google.
Other queries like “Bitcoin carbon footprint” (87 points), “crypto electricity” (100), or “mining power” (95) are also searched for frequently.
Concurrently, the “Crypto Fear and Greed Index,” a metric that shows currently dominating sentiments amidst the crypto enthusiasts, dropped into “extreme fear,” currently hanging around 12 points out of 100.
The index also considers different aspects like volatility, the market’s momentum and trading volumes, social media sentiments, trends, and so many others. The metric is scaling from 0 – maximum “Fear” – to 100 – ultimate “Greed.”
Remarkably, today’s “crypto fear” is just on the same level as it was way back in March 2020 – when Bitcoin collapsed to $5,000 amidst the start of the coronavirus pandemic.
📣 Cryptonetwork.News is now on Telegram. Click here to join our channel and stay updated with the latest Cryptocurrency, Blockchain, and Cryptomining headlines