2022-1-9 16:26 |
The crypto market is currently experiencing a hit, and Ethereum is among the most affected. The crypto asset has dropped by 5% in price over a 24-hour period, with a 7-day loss of close to 15%. At the time of this writing. This drop has effectively taken the price all the way down to the lows of around $3,100.
ETHUSD Chart by TradingViewHowever, what’s even more interesting is the apparent rise in people’s interest in digging up information about Ethereum on search engines. According to information availed by Payback ltd, Google Searches for “sell Ethereum” has increased almost 10-fold over the last 24 hours.
People Want To Sell ETHThe increase in these searches is occurring at a time when the crypto industry is apprehensive about the upcoming new crypto regulations in China and India. Tesla and Mozilla’s recent anti-crypto stance has also contributed to the tide that has been felt across the entire market.
Also, this comes while the Ethereum community anticipates the upcoming implementation of the EIP-1559 proposal as well as the planned upgrade to Ethereum 2.0 slated for 2022.
The surge in “sell Ethereum” searches suggests that a lot of people are looking to liquate their ETH holdings, probably for fear of a further drop in prices in a market that is increasingly indicative of a coming bear market.
“Why Has Ethereum Gone Down?”While some are looking to cash out, there is a section of those whose interest is finding out what the heck is going on with the markets. Google searches indicate an over 2,000% increase for “why has Ethereum gone down?”. This is clearly a pointer to the fact that there’s still a good number of ETH hodlers who aren’t looking to let go of their stash yet.
Interestingly, on the same day, searches for “sell Bitcoin” increased by 400%, indicating a rising sentiment for cashing out. At the moment, BTC is trading at around $41,911, with a 7-day price fall of 11%.
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