Global searches for the cryptocurrency ‘Bitcoin’ have surged 223%, as of 9 am EDT on Monday, 5 August, compared to the past week.
On average, ‘Bitcoin’ receives 13 million average monthly searches, but following the current crypto crash, one of the worst since 2022, searches have risen threefold within the last week.
Nigeria leads searches for ‘Bitcoin’, followed by El Salvador, the first country to use the cryptocurrency as legal tender.
The analysis, based on research by crypto onramp platform Instaxchange.com, looked at Google Trends data from the last week and found that searches for ‘Buy crypto’ jumped 106%, whilst searches for ‘Sell crypto’ surged 177% above average worldwide on 9 am EDT on Monday, 5 August.
Countries most eager to sell include Nigeria, Ethiopia, and Cambodia.
Additionally, searches for ‘Bitcoin crash’ jumped 1,314% at the peak of searches, at 2 am EDT on Monday 5 August, with top countries looking up the term being Singapore, Austria, and The Netherlands.
A spokesperson for Instaxchange.com commented: “A crash in the market is nothing new to cryptocurrency traders, but it can prove an uncertain time with many unsure whether to leave their assets or sell.
“Just a few weeks ago cryptocurrencies like Bitcoin were at their highest value, nearly $70,000 for the coin. Experienced investors who have been in the market for a long time may be devastated, but they are aware of the volatile nature of crypto. Whilst alarming, crashes are not new.
“If you are worried about your assets, the best thing to do is consult an experienced financial advisor who is well-versed in the cryptocurrency world. It is most important that you do not panic sell or buy as you may be worse off if you do so. The market can fluctuate, and it is key for you to remain calm and level-headed amid crashes.”
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