The crypto market is currently taking a hit and the leading altcoin Ethereum is among the hardest hit. At press time, the altcoin has lost close to 19% in 7 days and is down 5% in the last 24 hours. Internet searches for “sell” for the altcoin exploded as this drop brought the price down to as low as $3,000. For details cryptocoin.com keep reading.
What do “sell” searches mean for the leading altcoin?
There is a marked increase in people’s interest in gathering information about Ethereum on search engines. Payback ltd. According to information obtained by Google, searches for ‘Sell Ethereum’ have increased almost 10 times in the last 24 hours. The increase in these searches comes at a time when the crypto industry is worried about upcoming new crypto regulations in China and India. The recent anti-crypto stance of Tesla and Mozilla has also contributed to the tides felt throughout the market.
Also, this came as the Ethereum community awaited the upcoming implementation of the EIP-1559 proposal and the planned upgrade to Ethereum 2.0 planned for 2022. According to crypto analyst Nick James, the surge in searches for ‘Sell Ethereum’ indicates that many people are looking to liquidate their ETH holdings for fear of further price drops in a market that is likely indicative of an increasingly bear market.
The analyst states that while some are trying to cash out, there is also a group of people whose interests are in learning what is going on in the markets. Google searches, “Why did Ethereum drop?” shows an increase of over 2,000% for According to the analyst, this clearly shows the fact that there are many ETH holders who are not yet willing to give up their stashes.
Interestingly, on the same day, searches for ‘sell bitcoin’ increased by 400%. The analyst states that this situation shows an increased sensitivity to withdraw money. Currently, BTC is trading around $40,800, with a 7-day price drop of 14.47%.
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