​Popularity of cryptocurrencies on Google falls to its lowest since late 2020

What’s new? Between May 28 and June 3, the popularity of the search query “crypto” dropped to a 17/100 score, according to Google Trends. Previously, such a figure had been observed in December 2020. Query volumes began to decline after the Terra blockchain project collapsed in May 2022, with an even bigger drop in November, when the FTX crypto exchange went bankrupt. The index peaked at 100 points in May 2021.

Google Trends’ data

What else is known? The Netherlands currently has the highest number of search queries related to cryptocurrencies, while Japan has the lowest figures

The drop in interest comes as the bitcoin rate has been hovering around $28 000 for 10 weeks, a price trend that Galaxy Digital CEO Mike Novogratz called “lackadaisical.” He attributed this to a decline in interest from institutional investors in the crypto market. As of June 5, BTC is trading at $26 774 on Binance, down by 1,61% overnight. The weekly drop, according to aggregator CoinGecko, was 4%.

Guy Turner, co-founder of the media platform Coin Bureau, suggested on his Twitter account that the drop in interest also coincides with a decline in trading volumes on exchanges, which he said hit a 32-month low last month.

"Crypto" search trends are at the lowest point they have been since December 2020. This also corresponds to exchange volumes which were at 32 month lows this past May. Apathy? pic.twitter.com/UPOmhNGeDN — Coin Bureau (@coinbureau) June 4, 2023

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