Cryptocurrency-associated search trends have surged in notoriety to another record-breaking all-time high over the past week, yet not for positive reasons.
As per Google Trends, an analytic tool that permits clients to quantify the recurrence of different search queries, showed that “Should I sell my Crypto” is at present showing an overall score of 100 on the “interest over time” statistics.
Additionally, the “Crypto Fear and Greed Index,” a metric that reflects at present overwhelming notions among crypto followers, has fallen into “extreme fear.”
Why is this happening?
Bitcoin had been feeling the squeeze after a progression of tweets a week ago by Tesla and SpaceX CEO Elon Musk. Tesla recently outlawed bitcoin as a payment method for Tesla due to environmental concerns, even though the recent report from Galaxy Digital showed that the traditional banking system consumes much more energy than the Bitcoin network.
On Friday, China cracked down on the mining and trading of the largest cryptocurrency as part of open-ended efforts to limit financial risks.
The declaration, which came days after three Chinese industry bodies tightened a ban on banks and payment companies providing crypto-related services, it was a sharp escalation of the country’s push to stamp out speculation and fraud in virtual currencies.
Bitcoin, the dominant cryptocurrency, is trading around $31,637 USD with a 24-hour trading volume of $60,987,901,571 USD. Bitcoin is down 16.5% in the last 24 hours. Ethereum is trading around $1,950.62 USD with a 24-hour trading volume of $41,789,698,352 USD. Ethereum is down 25.79% in the last 24 hours.
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