Since the beginning of the year, Bitcoin (BTC) has been on a downward trend, registering a large sell-off while trying to maintain a value of over $20,000. Following the market slump, investors’ interest in the asset has also diminished.
According to statistics gathered by Finbold, Google search interest in the phrase ‘buy bitcoin’ reached a fresh two-year low for the week ending September 10 with a popularity score of 6.
Notably, the previous low level of interest in the phrase was recorded on October 17, 2020, when the cryptocurrency was preparing for a fresh surge that ended in last year’s bull market.
Regional analysis reveals that Nigeria has the highest keyword popularity score of 100, followed by Ghana with a score of 33. Cameroon ranks third with a total score of 30.
Despite the decline in the crypto market, the African blockchain industry has continued to expand and garner substantial financing, with venture capitalists (VCs) continuing to gamble on the future of the sector.
In general, interest in Bitcoin has fallen, with the currency correcting by roughly 70 percent from its peak high in November 2021. Bitcoin has stabilized around the $20,000 level as a consequence of the sell-off.
Therefore, it can be concluded that the absence of significant Bitcoin price fluctuations has led to the lack of interest in Google. The correction has also corresponded with a decrease in the enthusiasm of retail investors, who represent the largest proportion of cryptocurrency investors.
Other related problems, such as the failure of cryptocurrency initiatives like as the Terra (LUNA) ecosystem meltdown, have also dampened interest in Bitcoin. Investors’ faith in Bitcoin-related assets has undoubtedly been weakened as a result of the market crash.
Nonetheless, a widespread belief persists that Bitcoin will recover from its current price decline and likely serve as a fresh stimulus for a surge in Google searches. This forecast is backed by the notion that most investors prefer to acquire the asset when it starts to rise due to FOMO.
In addition, the top-ranked nations are experiencing difficult economic conditions due to growing inflation and the depreciation of native currencies. As a result, locals opt for Bitcoin since the asset has shown its ability to operate as a hedge.
After recovering the $21,000 threshold, Bitcoin’s price is showing indications of a rebound. At the time of publication, the leading cryptocurrency was trading at $21,200, a rise of almost 10% in the previous 24 hours.
Also Read: Popular Trader Predicts ‘Pump And Dump’ For Ethereum
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