Google (NASDAQ: GOOGL) search interest for cryptocurrency-related terms, including "crypto," has been on the decline for the past two months, reaching levels not seen since late 2020.
What Happened: Google Trends data shows that the term "crypto" currently has a score of 17, indicating a substantial drop in search volume.
The lower interest in cryptocurrencies also coincides with lower trading volumes on exchanges; according to Guy Turner, also known as "Coin Bureau Guy," trading volumes have reached a 32-month low.
"Crypto" search trends are at the lowest point they have been since December 2020. This also corresponds to exchange volumes which were at 32 month lows this past May. Apathy? - Coin Bureau (@coinbureau) June 4, 2023
Turner suggests that the fall in interest is related to a bear market in cryptocurrency. "Crypto search trends are at the lowest point they have been since December 2020. This also corresponds to exchange volumes which were at 32-month lows this past May," he tweeted.
Why It Matters: The decline in search interest is most noticeable when it comes to Bitcoin BTC/USD.
Google searches for "Bitcoin" have dropped to levels not seen since October 2020, when Bitcoin was priced at around $10,000.
Price Action: At the time of writing, BTC was trading at $26,834.57, down 1.12% in the last 24 hours, according to Benzinga Pro.