The current situation of the crypto market and search frequency on Google is hinting that people are in a huge panic.
The end of December 2021 and the beginning of 2021 were significantly worse for the crypto industry. Because the market faced multiple crashes within 2 weeks ( last of 2021 and first week of 2022). Back-to-back crashes in the crypto industry were associated with multiple factors.
Google analytic report suggested that the search frequency of “Sell Bitcoin” surged by around more than 400% between 8 January to 9 January of this year. On the other hand, people were searching rapidly “why has Ethereum gone down?” and the search frequency for these phrases for Ethereum coins was around 2000%.
These things are a clear indication of how much fear is going among the investors in Ethereum and Bitcoin buyers also. So we can expect how much panic is going on in the minds of other flagship crypto assets ttader and also shitcoins investors.
At the time of writing this article, Bitcoin is down by more than 7% over the last 7 days, with a price of $41,978. While Ethereum is down by more than 16%.
Bitcoin getting no big buy support
However, reportedly, Binance exchange bough 43,000 Bitcoins to its reserve fund to issue wrapped Bitcoin on the Binance Smart Chain network.
Besides no buy support, Kazakhstan Bitcoin miners faced internet outages because of protests in the country. And also the announcement of a multi-hike in interest rate by the Federal Reserve, for this year, brought panic for the money market investors.
Overall, we can say, no positive news is coming for Bitcoin or for this crypto industry. And the opposite of this, experts are predicting that crypto and the stock market will face huge corrections this year.