In the wake of this week’s panic sell-offs, user interest for cryptocurrencies has surged to a new all-time high, but not in a good way, according to Google.
According to Google Trends, an analytic tool allowing users to measure the frequency of various search queries, search topics such as “what happened to cryptocurrency today,” “should I sell my bitcoin,” “crypto” or just “bitcoin” in general possess the highest possible value of 100 on the “interest over time” chart.
In the platform’s Twitter account, searches related to what happened to crypto were up by 850% the past day worldwide while queries concerning the selling of crypto were up by 400% in the U.S.
Searches on environmental effects spike, too
Another trend that has gained popularity among Google users for the past days was the hot topic on bitcoin’s environmental impacts which is one of the reasons why it is currently suffering now, with the crypto trading $35,139, a far cry from its April 14 high of more than $64K.
Google Trends says that “most energy-efficient cryptocurrency” and “environmentally friendly cryptocurrency” are the breakout searches while the query “how does bitcoin use energy” was up by 1,050% for the past week in the U.S.
Meanwhile, topics such as “crypto electricity” also bear 100 points on interest over time chart, with “bitcoin carbon footprint” and “mining power” also being searched frequently with regards to the subject.
Fear index indication
On the other hand, “Crypto Fear and Greed Index” which reflects the current and dominating perspective among crypto enthusiasts have recorded a major plunge to be set into “extreme fear” level, only managing to tally around 12 points out of 100 at the time of writing, almost on the same level when bitcoin fell below $5,000 on March 2020.
The index, which has a metric scale from 0, denoting maximum fear to 100, implying ultimate greed, takes into account various aspects such as volatility, market momentum, and trading volumes as well as social media sentiments and trends.
Image courtesy of Cointelegraph News/YouTube
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