Analysis of Google search data revealed that searches for how to sell Ethereum exploded 972% in the United Kingdom over the last 24 hours – coinciding with the cryptocurrency’s sudden drop in price.
Data from Payback Ltd says online interest for selling Ethereum skyrocketed to almost ten times the average volume in one day as the value of cryptocurrency dipped by more than £300.
The world’s second-largest cryptocurrency had begun the new year steadily above $3,700 until the market floor began shaking out trading across the board on Wednesday. ETH dropped from $3,822 two days ago to as little as $3,112 this morning.
Bitcoin also suffered, falling dramatically from $46,760 to $41,000.
“Whilst the cryptocurrency market is often volatile, this surge in interest to sell Ethereum is concerning for those who are still invested,” said a spokesperson for Payback.
“This drop will undoubtedly coincide with the announcement of new regulations from China as well as Tesla’s u-turn to accept Bitcoin as currency, causing a ripple effect across the entire crypto-market.
“These findings offer a fascinating insight into the reaction towards these recent events and it will be interesting to see the extent that these regulations and decisions have on the market, especially for Ethereum that are part of the blockchain used for NFTs, which have seen a surge in interest over the past few months.”
Google searches for “Why has Ethereum gone down?” also increased 2,028% on the same day as well as “Sell Bitcoin” rising 400%.