Analysis of Google data reveals that online searches for ‘sell Ethereum’ jumped by 1,636 per cent in the UK today after the value of the world’s second-largest cryptocurrency dropped 14 per cent across the week.
Analysis from gambling platform AskGamblers reveals that online interest for selling Ethereum skyrocketed to almost seventeen times the average volume in one day as cryptocurrency prices dip across the boards.
“Whilst the cryptocurrency market is often volatile, this surge in interest to sell Ethereum is concerning for those who are still invested,” a spokesman said.
“This drop will undoubtedly coincide with the [falling] cryptocurrency market, which has also seen Bitcoin drop by nearly 3.5 per cent the same day. The crypto market dip is linked to China telling banks to stop the support of crypto transactions, in the country’s latest restrictions on cryptos.
“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 year.”
Ethereum. like most cryptocurrencies, ended last week in a strong position above $3,500 and looking robust enough to push upwards. However, a slow decline over the weekend turned into a steep downturn on Monday as Bitcoin and other leading digital assets attempted to arrest the decline.
Earlier this morning, ETH hit a monthly low of $2,950.
Bitcoin too as been feeling the heat, dropping from $47,000 this time last week to today’s price around $40,400 via a weekly low of $39,204 late last night.