The crypto market is down or as some are saying the crypto crash of 2.0 is here. Netizens are comparing it with the crypto crash of 2017. Over the last 24 hours, the crypto market is down by 5%, piling up to 15% over 7 days.
But apart from that, meanwhile, an interesting phenomenon appeared online. According to reports by Payback Ltd., Google searches for ‘Sell Ethereum’ escalated to over 10 fold in the last 24 hours.
People Want to Cash Out ETH as they search “Sell Ethereum”
A lot is going on in the crypto world. With China and India bringing in regulations to minimize the use of crypto, people are in a state of panic. Adding to that Tesla and Mozilla’s recent anti-crypto stance has also contributed to the torment.
Furthermore, there are reports of disruption in crypto mining amid deadly protests in Kazakhstan. With these multiple events going on the crypto market is experiencing one of its lowest dips.
All these are happening when the Etherim community anticipates two upcoming developments in the form of the EIP-1559 proposal and Ethereum 2.0. According to Coinbase, the EIP-1559 can bring down the gas fees by 9%. Further, Ethreum 2.0 can end the blockchain dominance of Bitcoin.
The current trend with “sell Ethereum” searches suggests that a lot of people want to liquate their ETH holdings. This may be due to fear of a further drop in prices in a market.
“Why Has Ethereum Gone Down?”
While some are looking to cash out, there is a section that is interested in finding out what is going on with the markets. Google searches indicate an over 2,000% increase for “why has Ethereum gone down?”. This points towards some positives for the Eth community as there’s still a good number of ETH holders who aren’t looking to let go of their stash yet.
Interestingly, on the same day, there is also a surge in searches for “sell Bitcoin” by 400%, indicating a rising sentiment for cashing out. At the moment of writing this article, BTC is trading at around $41,802, with a 7-day price fall of 11%.