Retail investors have flocked in force as the number of global “cryptocurrency” searches on Google has reached an all-time high. Bitcoin fell hard to $30,000 before it bounced off shortly after. While thousands of traders felt the adverse consequences of the enhanced volatility, larger investors used the opportunity to buy the dip as $750 million in BTC was transferred out of exchanges in minutes. Global Cryptocurrency: The Roof Being Searched for on Google Yesterday, Google Trends’ Twitter highlighted a huge increase in internet searches for “cryptocurrency.” The graph below shows that global queries have surpassed the 2017/2018 record and are on their way to another all-time high. Furthermore, the world’s largest search engine offered more information on a variety of cryptocurrency-related queries submitted by users. The most important gains came from “what happened to cryptocurrencies today,” which recently increased by 850 percent. Surprisingly, searches for “should I sell my cryptocurrency” have increased 400% on the last day in the United States alone. This occurred in the midst of one of the biggest market-wide crashes, in which bitcoin plunged by $10,000 and most alternative coins fared even worse. People were also very involved in environmental issues. According to Google trends, “most energy-efficient cryptocurrency” and “environmentally friendly cryptocurrency” were “breakout searches.” Perhaps Elon Musk is to blame for this, as Tesla’s CEO questioned Bitcoin’s energy consumption rate at the same time the EV manufacturer stopped accepting bitcoin payments for the same reason. Environmental issues have been among the hottest topics both inside and outside the crypto space in the last two weeks. $750M in BTC Transferred Out of Exchanges On-chain data revealed that larger investors or whales were accumulating. According to Glassnode, such holders withdrew about $750 million worth of bitcoin off exchanges in a matter of minutes. CryptoQuant data shows that while BTC was tumbling to its daily low, the metric went into negative territory. However, when the dust settled, and bitcoin started to regain its value, the Coinbase Premium went to a new all-time high of over 7.5%. The analytics resource concluded that “the higher the premium, the stronger the spot buying pressure from Coinbase.”
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