One of the most discussed investment instruments of recent years. cryptocurrencyWhile it brought big gains for some, it caused serious losses for others. New investors, aware of this situation, are inevitably in great hesitation and on the verge of entering or not entering this market. they hesitate.
There is also an ongoing situation paralleling the developments in the cryptocurrency markets. So much so that people are now using cryptocurrencies. they don’t talk like they used to. We’ll have readers who remember; For a while, cryptocurrencies, especially Bitcoin, were talked about on all news channels and financial experts made evaluations. Today, even the B of Bitcoin is not mentioned. So why? Let’s discuss this situation together.
Do people really not talk about cryptocurrencies?
Before we get the answer to the question we’re looking for, let’s see if there really is such a thing. we detect needs. So first of all, we need to answer the question “are people really not talking about cryptocurrencies anymore?” We can find the answer to this question directly through Google Trends, which tracks the data from the Google search engine. Let’s all talk about the cryptocurrency community some terms Let’s see how the search volumes are:
Google search volume for the term “cryptocurrency” is declining!
In the table above, “cryptocurrencyYou can see the chart that shows the search volume of the term ” and shows the data around the world. If we look at this chart, which shows the last 2 years, we see that the interest in cryptocurrencies in general is fluctuating, but recently. gone backwards forever and we are even seeing it return to its days in the latter periods of 2020.
The same goes for the term “Bitcoin”!
The declining interest in the term “cryptocurrency” is not the only thing that has become trivial in this market. like that “bitcoinLooking at the search volume chart for the term “we encounter a similar situation. Interest in the cryptocurrency markets is currently at the same level as it was at the end of 2022. deteriorated case.
If we summarize what we have said so far; yes, people use cryptocurrencies they talk less now.
So why didn’t people talk about cryptocurrencies as much as they used to?
In fact, it is very difficult to say anything definitive on this matter. Because people don’t talk about cryptocurrencies. lying for several reasons. We can list these reasons as follows:
- When the COVID-19 pandemic is left behind and people return to social life.
- Global events and inflationary pressures.
- The prevalence of fraudulent incidents.
- The manipulations.
- Decreased trust in cryptocurrency markets.
- Morale after the falls.
This is why cryptocurrencies are not talked about as much as before possible causes We can sort it like this. Let’s look at the details of these reasons.
Staying behind the COVID-19 pandemic and bringing people back to social life
The COVID-19 pandemic, which broke out at the end of 2019, literally captured the years 2020 and 2021. People as a result of the epidemic to their homes they are closed, economies ground to a halt, and the business disruption at the time is still showing its effect today as a chip crisis. But now we have forgotten the COVID-19 pandemic. We are living a social life again and priorities have changed. With all these; government support also ended. Strict crypto viewers know; A significant portion of the money poured into people during that time entered the cryptocurrency markets, and the cryptocurrency markets volume reached $3 trillion in November 2021, according to Coinmarketcap data.
All this had consequences, of course. The money entering the cryptocurrency markets, all cryptocurrencies, especially Bitcoin. to appraisal had caused. In fact, Bitcoin saw the $68 thousand levels again in November 2021. This price was the highest in history for Bitcoin and everyone of the cake get a share he was after her. If that was the case, it was no surprise that cryptocurrencies were everyone’s main agenda.
Global events and inflationary pressures
The end of the COVID-19 pandemic has not given us a sigh of relief on our planet. When the calendars show February 2022 Russia and Ukraine The constant war broke out between them. While humans are just starting to recover, as a natural consequence of all the events that have taken place, they are on a global scale. inflation crisis confronted with. While people’s purchasing power declined more than ever, some countries, such as Turkey, felt inflation much more deeply. In parallel, there was a contraction in the cryptocurrency market and investors in need of cash withdrew their funds.
The prevalence of scams
The fact that cryptocurrencies are both highly profitable and popular, hackers and fraudsters whetted his appetite. As such, there is an increase in cyber attacks and fraudulent incidents. For example, this caused a major loss for investors in our country and did not fall off the agenda at the time. THODEX the emphasis. In addition, both specifically for Turkey and worldwide iffy events took place. (This is why there are even cases that we are suing!)
Besides; markets were not only harmed from the outside. In the industry itself There were also great events. for example Terra (LUNA) event. The cryptocurrency called LUNA, which will shine in 2022 and float above $100, is due to the failure of the same team’s stablecoin UST to hold $1. up to $0.0001 turned down. The event, which caused billions of dollars in losses, even drove some crypto finance companies out of business.
Cryptocurrencies are not only damaged by cyber attacks, scams and other hacks. The clearest indicator of this is the billionaire businessman. Elon Musk. The businessman, who is familiar with the cryptocurrency markets, has reached the bottom of the manipulation, according to many. In fact, we cannot say that those who think so are wrong. Because while every cryptocurrency was created to serve a purpose, set up as a joke and serve nothing Dogecoin (DOGE)reached record prices with support from Elon Musk…
Decreased trust in cryptocurrency markets
Is it easy to trust cryptocurrencies after what we explained above? Of course not. Here are all these things, people’s interest in cryptocurrency markets. his confidence weakened. nice; In any case, it wasn’t very reliable. So much so that early 2022 according to a study A very serious portion of people, like 72 percent, have already invested in cryptocurrencies”high riskExperience shows that the risk is now much greater than ever before.
Depressed mood after the falls
The year 2022 was quite challenging for the cryptocurrency markets. Bitcoin, which traded for $48 thousand on January 1, 2022, on September 16, 2022, when this article was written. 19 thousand dollars trading levels. The lowest price since the beginning of the year is 18 thousand dollars. Simply put, an investor who invested $48 thousand and bought 1 Bitcoin on January 1, 2022, lost more than half of their money as of now. This caused despondency It also turned people away from cryptocurrencies.
In this content, we have tried to explain why people don’t talk about cryptocurrencies as much as they used to, with the strongest examples. So what do you think? Why do you think people don’t talk about cryptocurrencies like they used to?
Source: Web Tekno