Yes Google Trends data If we’re anything to go by, it could mean that Americans don’t care about bitcoin (btc) or that interest is very low and falling despite the series of bullish events in recent days.
Are Americans not interested in bitcoin?
A random check of Google Trends over the last few years shows that not only are searches related to “buy bitcoin” falling discouragingly, but they are also at 2023 lows, with the average daily related searches being less than 20. The The only time searches for “buy bitcoin” increased was in early September, when it rose to a score of 70, an indicator that more people were curious, willing to explore, and even purchase the world’s most valuable currency.
Sentiment is a crucial factor in cryptocurrencies because it can influence prices. For example, when sentiment improves, cryptocurrency investors are more likely to buy and hold their prized coins in hopes of taking advantage of the emerging trend and making profits.
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Conversely, when cryptoassets begin to decline, such as in 2022 and the second half of 2023, holders will often flee to safety and sell their coins for stablecoins like USDT or cash. In some cases, however, without an option, investors will look to go out in search of an established currency like bitcoin or ethereum (eth), pumping those respective assets.
As the market evolves, sentiment can be influenced by news events, regulatory developments, or comments from influencers. Elon Musk, owner of social media platform
SEC Likely to Approve First US bitcoin Spot ETF
Google Trends is one of the tools that users can use to measure crypto sentiment. However, if we look at developments in the United States, interest in btc is low year-on-year. This is despite the community waiting for the Securities and Exchange Commission (SEC) to approve the first spot bitcoin exchange-traded fund (ETF).
After several attempts in the past, analysts have been gradually increasing the chances that the strict regulator will greenlight the first bitcoin ETF in the fourth quarter of 2023 or early 2023. Still, it is necessary to clarify whether the agency will authorize one or more products simultaneously. If the SEC disapproves a bitcoin ETF, JPMorgan analysts led by Nikolaos Panigirtzoglou crypto/policy/jpmorgan-says-sec-will-approve-bitcoin-etfs-as-rejection-could-trigger-lawsuits” target=”_blank” rel=”noopener nofollow”>saying the agency could face “legal problems.”
In anticipation of the product and ahead of bitcoin‘s halving in 2024, the coin recently surpassed July 2023 highs, posting a new 2023 high above $35,000. Although prices have stabilized, the bullish trend persists and traders expect more profits.
Featured image from Canva, TradingView chart
