What the numbers say:;Google Trends data;has shown that;online search volume for the term "crypto" retreated to the levels at the end of 2020, marking a;29-month low. The relative interest score of the searches for crypto fell to 17 in the week of May 28, down from an all-time high of 100 in May 2021. The leading;cryptocurrencies, Bitcoin (BTC) and Ether (ETH), saw a similar decrease in interest on Google. The statistics also pointed out that search volume for crypto has been in a consistent decline since May last year.
Details:;Besides, the Netherlands has become the country where Google searches for crypto were the highest from Nov. 1, 2020, to June 3, 2023. In the top five, the Netherlands was respectively followed by Singapore, Nigeria, Cyprus, and Belgium.
Relevance:;The decline in the interest on Google coincided with the lower trading volumes seen in the spot crypto exchanges over the last several months. The data compiled by The Block;recently revealed that;crypto exchanges retreated to the lowest monthly levels since 2020 in spot trading volume in May. The decline was mainly attributed to the latest volatility trend in the crypto market that caused a risk perception in investors. The combined statistics point out that there has been an overall decrease in interest in the crypto industry.
Brands that should care:;The chart also indicates that Google searches for crypto experienced sharp declines last year right after May 2022 and November 2022, with the collapses of the multi-billion dollar Terra;ecosystem;and previously third-largest crypto exchange FTX.