An analysis of Google search data revealed that searches for how to sell Ethereum exploded 972% in the UK over the past 24 hours – coinciding with the sudden drop in the cryptocurrency’s price.
Payback Ltd data shows that online interest in selling Ethereum rose to nearly ten times the average volume in a single day as the cryptocurrency fell by more than £300.
The world’s second largest cryptocurrency started the new year steadily above $3,700 until the market bottom began shaking trading across the board on Wednesday. ETH fell from $3,822 two days ago to as low as $3,112 this morning.
Bitcoin also suffered, dropping significantly from $46,760 to $41,000.
“While the cryptocurrency market is often volatile, this surge in interest in selling Ethereum is worrying for those still invested,” a Payback spokesperson said.
“This drop will undoubtedly coincide with the announcement of new regulations from China as well as Tesla’s shift to accepting Bitcoin as a currency, causing a ripple effect across the entire crypto market.
“These results provide great insight into the reaction to these recent events and it will be interesting to see how much these regulations and decisions are in the market, especially for Ethereum that is part of the blockchain used in NFTs, which has seen a surge of interest over the past few months.”
Google searches for “Why did Ethereum crash?” It was also up 2.028% on the same day as well as “Bitcoin Selling” up 400%.