Interest in the search term “buy bitcoin” on Google Search falls to its lowest level in two years
Bitcoin (BTC) has been on a downtrend since the start of the year, registering a significant sell-off while struggling to maintain its value above $20,000. Following the market correction, investor interest in the asset has also waned.
In particular, Google search interest for the keyword “buy bitcoin” hit a new two-year low, registering a popularity score of 6 during the week ending September 10, according to data obtained by Finbold.
In particular, the last low interest in the keyword was recorded on October 17, 2020 when the cryptocurrency was preparing for a new rally that culminated in the bull market recorded last year.
Elsewhere, a breakdown by region shows Nigeria leading the search term with a top popularity score of 100, followed by Ghana at 33. Cameroon ranks third with a score of 30.
Despite the downsides of the crypto market, the African blockchain scene has continued to grow and attract significant funding, with venture capitalists (VCs) still betting on the sector’s future.
Bitcoin searches fall due to persistent price correction
Overall, general interest in Bitcoin has plunged, with the asset correcting nearly 70% from its all-time high recorded in November 2021. The sell-off has resulted in Bitcoin consolidating around the $20,000 mark.
Therefore, it can be interpreted that the lack of massive price movements in Bitcoin has contributed to the low interest in Google. The correction has also coincided with a reduced private investor frenzy, which makes up the largest share of cryptocurrency investors.
At the same time, interest in Bitcoin has been suppressed by other related factors such as the collapse of cryptocurrency projects such as the Terra (LUNA) ecosystem crash. The impact of the collapse is likely to have spilled over into assets such as Bitcoin, with confidence among investors dented.
Bitcoin will probably make a comeback
However, there is still a general feeling that Bitcoin will bounce back from the ongoing price collapse and will likely act as a new catalyst for an increase in Google searches. This estimate is supported by the view that most investors tend to buy the asset when it starts to rise as the fear of missing out (FOMO) sets in.
Furthermore, countries leading the searches are characterized by tough economic times amid rising inflation and devaluation of local currencies. Accordingly, citizens choose Bitcoin since the asset has demonstrated the ability to act as a hedge.
It is worth mentioning that Bitcoin is showing signs of rally after regaining the $21,000 mark. At press time, the flagship cryptocurrency was trading at $21,200, with gains of over 10% in the past 24 hours.
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