Analysis of Google search data reveals that online searches for “Sell Ethereum” exploded 1636% in the United Kingdom on 12th April 2022, the same day that the cryptocurrency drops by over 6%.
Analysis by AskGamblers reveals that online interest for selling Ethereum skyrocketed to almost seventeen times the average volume in one day as the value of cryptocurrency dips by over 6%.
A spokesperson from AskGamblers commented on the findings: “Whilst the cryptocurrency market is often volatile, this surge in interest to sell Ethereum is concerning for those who are still invested. This drop will undoubtedly coincide with the crashing cryptocurrency market, which has also seen Bitcoin drop by nearly 3.5% the same day. The crypto market crash 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 NFT’s, which have seen a surge in interest over the past year.”