Google: users' interest in bitcoin has fallen to a two-year low

According to the latest data from CoinJournal and Google Trends, Google searches for Bitcoin have fallen to a two-year low.

Experts note that despite the initial excitement around cryptocurrencies in the first months of 2023, there is now a sharp decline in interest in digital assets. The thesis is most relevant to the flagship cryptocurrency BTC $93,937.20 Bitcoin -1.59% Market capitalization $1.86 trillion VOL. 24 hours $2.67 billion .

Even though cryptocurrency rates have risen significantly over the course of the year, many investors are in no hurry to return to the industry. As a result, the volume of global trading is declining. Uncertainty about regulatory policy on cryptocurrencies and the recent banking crisis have also made their own adjustments.

CoinJournal notes that although public interest in crypto assets is currently low, it is possible that sentiment will change again, as everything in the crypto space is cyclical. The industry’s ability to adapt, innovate, and address the concerns of potential investors will play a vital role in shaping the course of virtual currencies in the coming years.

At the time of writing, bitcoin is worth $ 26,374 with a market capitalization of $ 553.9 billion. Bidders made daily deals worth $ 15.5 billion. And yesterday, May 25, the bitcoin rate fell to $ 25,800, updating a two-month low. The last time the digital asset was at this level was March 17.

Currently, the BTC rate is below the support level of $ 27,000, although many traders predicted that the asset would consolidate above this value and further move upward. However, this state of affairs did not come as a surprise to experts, as the main cryptocurrency reacted to poor inflation figures in the UK.