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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Global Interest In Bitcoin Is Fast-Falling, What’s Happening?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
Bitcoin Google Trends Data Falling

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According to Google Trends data, interest in Bitcoin is heading to historic lows as of June 27. In a screenshot shared by a Twitter user, organic searches related to “Bitcoin” have dropped in the last six months. 

Google Trends is a free tool that tracks how people search for specific terms or phrases on Google, the world’s largest search engine. Interest in a particular topic or asset can be ascertained in real time depending on the number of search terms. Currently, few users are searching for the term “Bitcoin.”

Interest In Bitcoin Fast Falling

Notably, BTC and crypto prices have steadily recovered after bears wiped gains last year. As an illustration, BTC is up roughly 87% when writing and trending at around 2023 highs. On the other hand, organic searches related to the world’s most valuable cryptocurrency are at multi-year lows, sharply falling in the first half of 2023.

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Data from Google Trends show that interest in searches around Bitcoin is below 2018 levels and could drop lower, considering how fast the reading has been free-falling in the first half of the year. This “disinterest” in Bitcoin seemed to have been spilled over from the second half of 2022. 

In the first half of last year, searches temporarily expanded before dropping. Even so, at that time, Bitcoin search readings, according to Google Trends, were lower than that registered in 2021 when it was at record highs.

Based on this development, there appears to be a direct correlation between sentiment and prices, as deduced from Google Trends data on Bitcoin. BTC prices peaked at over $69,000 in November 2021 after steadily rising from late 2019.

Notably, prices more than doubled as they rallied below $10,000, breaking December 2017 highs of around $20,000 and soaring to new all-time highs of about $70,000 registered in Q4 2021. When prices roared, searches related to Bitcoin, Google Trends data shows, also rose. The inverse was observed in the past 19 months when prices contracted from all-time highs, dropping by over 70% to as lows as sub-$16,000 in November 2022. 

Bitcoin price on June 27| Source: BTCUSDT on Binance, TradingView
BTC price on the daily chart | Source: BTCUSDT on Binance, TradingView

What Could Be The Cause?

From the current BTC price action, there is a divergence between Google Trends data on Bitcoin and prices. While prices are rising, shaking off bears of Q4 2022 and the first half of Q1 2023, interest in Bitcoin is shrinking. 

This observation can be pinned on several factors, including increasing regulatory scrutiny of Bitcoin and cryptocurrencies in the United States and worldwide.

Related Reading: BTC Continues Uptrend As Fidelity Plans To Submit Bitcoin Spot ETF Filing

Although the United States Securities and Exchange Commission (SEC) has clarified that Bitcoin is a commodity, the regulator’s action against popular exchanges, including Coinbase and Binance, might have impacted sentiment, puncturing user interest.

Feature Image From Canva, Chart From TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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