Cryptocurrency Hits New All-Time High on Google Search Trends

Search interest in cryptocurrencies around the world has reached another record high, according to Google Trends data.

This follows the recent downwards volatility in the market, which resulted in a significant decrease in the market capitalization of global cryptocurrencies.

Global Search Result Shows Investors Are Worried

The increase in search interest for cryptocurrencies was probably triggered by the recent decrease in many cryptocurrencies this week. The queries on Google showed that many people are worried about the current volatility of the market. For instance, recent data shared by Google Trend confirmed that questions on “What happened to cryptocurrency today” around the world increased by over 850 percent. 

At the same time, searches for “should I sell my crypto” in the United States increased by over 400 percent.

What’s even more surprising is that many people are interested in knowing how Bitcoin uses energy and environmentally friendly digital currencies. Searches for “how does Bitcoin use energy” surged by over 1,050 percent in the United States over the past week. 

This is coming after Tesla announced it has suspended accepting Bitcoin payments for its electric vehicles.

Did Tesla’s Announcement Affect The Bitcoin Market?

As recently as May 12, the founder of Tesla, Elon Musk, informed that the company has stopped accepting payments in Bitcoin due to the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal.” Shortly after the announcement, Bitcoin began dropping gradually below the $50,000 USD mark the next day. At some point, some claimed that Tesla’s announcement contributed to the hit on Bitcoin’s price on Wednesday. 

Bitcoin is yet to reclaim the $50,000 USD mark. At the time of writing, it was trading at $37,227 USD on CoinMarketCap, with a market capitalization of over $697 billion USD.