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.”

[Featured Image Credit]

Binance remains the largest exchange in the world in terms of the daily trading volume of cryptocurrencies. Also the most preferred and popular crypto exchange platform for Nigerian crypto traders. 

Now, reports have merged that the US regulators are investigating whether Binance broke securities rules by selling digital tokens just as the crypto exchange was getting off the ground five years ago.  

Binance is known to be a platform with tight security measures to ensure the protection of players. And if it is found wanting, it will erode the confidence of traders on the platform. 

In 2021 the platform had restricted the personal accounts of 281 Nigerian users, citing a need to comply with international money laundering laws.

According to sources, the U.S. Securities and Exchange Commission (SEC) is probing if the BNB coin was an unregistered security before it was listed for public offering.

Following the report, the Binance coin depreciated by 1.10% in the last 24 hours, to trade at $295.88, maintaining its position as the fifth most valuable cryptocurrency.

“it would not be appropriate for us to comment on our ongoing conversations with regulators, which include education, assistance, and voluntary responses to information requests.” Binance was quoted by Bloomberg on Monday.

Binance further stated that “we will continue to meet all requirements set by regulators.” However, this is not the only case involving the firm in the U.S, as Zhao’s company also faces a probe from the Department of Justice (DoJ).

The Internal Revenue Service and the Commodity Futures Trading Commission (CFTC) are also looking into the activities of the cryptocurrency exchange, which Zhao split into two; Binance U.S, solely for citizens of the United States and residents in the country, while Binance.com services the rest of the world.

The US government is investigating Binance U.S, to ensure that the crypto exchange is a standalone from Binance.com, as required.