Bitcoin losing its audience? Google data shows...
Miners sold their holdings en masse as hashrate fell significantly.popularity, particularly evident from the dwindling number of BTC-related Google searches over the past few years. In comparison to Google searches for artificial intelligence , the volume of BTC searches is notably low.Even though searches for BTC have risen incrementally since the beginning of the year, the search interest hasn’t quite lived up to its 2021-2022 hype.
In terms of social dominance, Bitcoin’s presence on the social front fell from 30.74% to 16.8% in the last few weeks. Additionally, since last month the sentiment around Bitcoin has continued to decline. This indicated that the number of negative comments made about Bitcoin outweighed the number of positive ones at press time.Apart from the social front, miners weren’t optimistic about holding their Bitcoin as well.
Additionally, the significant transfers of BTC by miners to exchanges can contribute to increased volatility in the cryptocurrency market. Large sell orders can lead to sudden price fluctuations and create uncertainty among traders and investors. The lack of faith showcased by miners can also further increase the negative sentiment surrounding BTC on the social front.
Additionally, the hashrate for miners was observed to be declining significantly as well. A lower hash rate signifies a decreased need for computational power in validating and adding transactions to the Bitcoin blockchain. This reduction in computing requirements results in lower energy and resource costs for miners, potentially enhancing their revenue generation.At press time, Bitcoin was trading at $30,400.
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