Bitcoin Interest Hits Rock Bottom: Google Trends Data Shows Lowest Score in 7 Months

According to Google Trends, worldwide interest surrounding the term “bitcoin” has plummeted to its lowest point since October 2022, registering a mere 17 out of 100. The active interest for the term has taken a nosedive since June 2022, when the search query for bitcoin reached a score of 64 out of 100.

Timeline of Bitcoin

JPMorgan has partnered with Indian banks to settle dollar transactions using the blockchain. Meanwhile, the bank also believes there will be a surge in Bitcoin (BTC) demand as the halving event is less than a year away.

TradeZing CEO Jordan Edelson spoke with Benzinga at Bitcoin 2023, a major cryptocurrency event at the Miami Beach Convention Center. Edelson, who was in the pre-launch phase last year, has since rolled out a mobile app as a closed beta in September.

With the majority of assets in the cryptocurrency market opening the week on a bearish note, Bitcoin (BTC) is no exception, dropping below the critical psychological level of $27,000. However, optimism still remains as the flagship cryptocurrency closed another week above the 200-week moving average (MA).

The U.S. Treasury Department didn't wait long enough after the debt ceiling deal and decided to start offering Treasury bills immediately. The US Treasury to auction $173 billion in short-term Treasury bills on June 5 to start rebuilding its depleted cash balance, with $1 trillion in T-bills expected by the end of the third quarter.

Cryptocurrency markets consolidated to start the week, with bitcoin trading below the $27,000 mark during today's session. Volatility has been significantly higher in the past few days, as the unemployment rate in the United States surged to a multi-month high.

Detroit-based Benzinga, a media and data provider bridging the gap between retail and institutional investors, sent its team to Miami, Florida, for Bitcoin 2023. During the event, Benzinga sought to recognize the innovation in digital assets broadly and spoke with founders, officials and investors in various crypto-related companies.

Quick Take The Federal Reserve's actions, specifically its interest rate decisions, serve as an external catalyst that influences Bitcoin's price movements, as noted by Swissblock. The recent Nasdaq and NVIDIA rallies have not significantly affected the cryptocurrency market, but Swissblock has observed that the fluctuating likelihood of interest rate hikes has impacted Bitcoin's price movements.

Bitcoin Price Analysis: The Bitcoin price witnessed a bearish reversal from the resistance trendline of the channel pattern on May 29th, indicating the buyers are not yet ready to start a recovery rally. From the reversal point, the BTC price plunged 5% over the week and currently exchange hands at $26749.

Google 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 latest price moves in bitcoin (BTC) and crypto markets in context for June 5, 2023. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.