The number of “cryptocurrency” searches on Google have reached a new all time high. The last it was this high was around 2017/2018. This recent upsurge is influenced as the largest market-wide crashes in which bitcoin fell by $10,000. After Elon criticized bitcoin energy consumption, much talks on environmental energy has been going on in crypto. All these had made retail investors want to go all into the cryptocurency market.
Bitcoin-related Tweets hit a 24-hour all-time high record of 232.7k according to the team at The Tie. The team at Santiment feed correlated the increased Tweets about Bitcoin on Twitter to the the ongoing FUD that has pushed crypto traders into panic mode. Also, team shared that the Bitcoin funding rate on Bitmex reached a record of -0.25%, first time in history which shows that short position surpassed long positions
Australia’s Finance Services Minister Jane Hume emphatically disclosed recently that Cryptocurrencies will grow in importance and evolve into an asset class and the Australian government has no plans to heavily restrict cryptocurrencies in the country. However, she shared that regulation is still needed so the government will provide a supportive, regulated environment for people who are willing to invest in digital assets.