- Among the market corrections, Google searches for selling Ethereum outperformed Google searches for selling Bitcoin.
- Sales on Ether futures positions were also higher than those on Bitcoin futures positions.
Crypto-currency market sales soared late Thursday after the Fed fed up to tighten monetary policy earlier this week. Just today, the price of Bitcoin fell below $ 42,000 and ETH continued to decline to $ 3,150.
Interestingly enough, Google’s search for «sell Ethereum» has skyrocketed to 972% in the last 24 hours. Market analysis platform Payback notes that online interest in Ethereum sales has skyrocketed below ten times the average volume in a single day.
Google searches for «Why is Ethereum down?» They have also skyrocketed 2000 percent, which is still more than ‘sell Bitcoin’ searches, which are up to 400 percent. Speaking to City AM publication, a Payback spokesman said:
While the cryptocurrency market is often volatile, this increased interest in the sale of Ethereum is a concern for those who are still investing. This fall will undoubtedly coincide with the announcement of China’s new regulations, as well as Tesla’s turn to accept Bitcoin as a currency, leading to a ripple effect across the cryptocurrency market.
These results provide a great insight into the reaction to these recent events and it will be interesting to see the scope of these regulations and decisions on the market, especially for Ethereum which is part of the blockchain used for NFTs. , which have increased. .interesting in recent months.
Ether sees higher sales than Bitcoin
In the recent cryptocurrency market, almost $ 1 billion worth of liquidations have occurred across the cryptocurrency space. Based on Coinglass data analysis tools, Ether sales appear to be higher than Bitcoins.
Traders accounted for $ 182 million in losses on Ethereum-backed futures products. These losses were significantly higher at $ 14 million than those of Bitcoin-backed futures. In addition, almost 87% of the total loss of $ 182 million in ETH came from the liquidation of long positions. The remainder, $ 22 million, came from the liquidation of short positions.
The majority of these ETH liquidations occurred on the OKEx exchange, which recorded $ 79 million in ETH losses. While the FTX exchange recorded $ 27.55 million in ETH losses.
Buying this fall?
The market seems to be in a state of real fear as the fear and greed index is at the bottom of the 15. Amid the recent market crash, social media is slowly moving towards the buying declines. According to Santiment indicators, «buy» and «fall» are currently the two most common terms in social discussion.
One possibility is that investors are willing to start out and make a new inflow in the long run. It would be interesting to see any change in the market trend in the short term.