- Amid market correction, Google searches for selling Ethereum overwhelmed the Google searches for selling Bitcoin.
- Liquidations in Ether Futures positions were also higher than that of Bitcoin futures positions.
The crypto market sell-off intensified on late Thursday after a hawkish Fed commentary of tightening monetary policy earlier this week. Earlier today, the Bitcoin price crashed under $42,000 with ETH following the downfall to $3,150 levels.
Interestingly, the Google searches for “sell Ethereum” has exploded to 972 percent over the last 24 hours. Market analysis platform Payback notes that the online interest for selling Ethereum has skyrocketed by a staggering ten times than the average volume in a single day.
Google searches for “Why has Ethereum gone down?” have also shot up by 2000 percent which is still more than the “sell Bitcoin” searches rising by 400 percent. Speaking to City A.M publication, a Payback spokesperson commented:
Whilst the cryptocurrency market is often volatile, this surge in interest to sell Ethereum is concerning for those who are still invested. This drop will undoubtedly coincide with the announcement of new regulations from China as well as Tesla’s U-Turn to accept Bitcoin as currency, causing a ripple effect across the entire crypto-market.
These findings offer a fascinating insight into the reaction towards these recent events and it will be interesting to see the extent that these regulations and decisions have on the market, especially for Ethereum that are part of the blockchain used for NFT’s, which have seen a surge in interest over the past few months.
Ether sees higher liquidations than Bitcoin
Amid the recent crypto market, nearly $1 billion in liquidations have happened across the entire crypto space. As per data analytics tools from Coinglass, the Ether liquidations seemed to be higher than the Bitcoin liquidations.
Traders booked losses to the tune of $182 million on Ethereum backed futures products. These losses were a considerable $14 million higher than the Bitcoin-tracked futures. Furthermore, nearly 87 percent of the total $182 million in ETH losses came from the liquidation of long positions. The rest $22 million came from the liquidation of short positions.
A majority of these ETH liquidations happened on crypto exchange OKEx which registered $79 million in ETH losses. Whereas crypto exchange FTX registered $27.55 million in ETH losses.
Buying the dip?
The market seems to be in the condition of extreme fear as the fear and greed index hit a bottom of 15. Amid the recent market crash, social media is slowly shifting towards buying the dips. As per Santiment indicators, “buy” and “dip” are the two most popular terms currently in social discussions.
A possibility is that investors might be willing to scoop the bottom and make fresh entries for the long term. Any reversal in the market trend would be interesting to see in the near term.