- According to the latest Google trends data, there is a decrease in bitcoin-related searches across Russia.
- Russian Internet Users seems to have lose their interest in bitcoin or any other cryptocurrency lately.
Around the second half of May, the number of search queries on bitcoin decreased.
Why did Russians stop searching about bitcoin?
After the reduction in the rewards of bitcoin miners reward during this pandemic. It was surprising to see a surge in the activity of Russians that occurred earlier in the month of May.
After the interest fell due to no visible growth in the cryptocurrency. The Google trends’ graph showing a visible decrease in the number of Russian Users towards bitcoin searches.
It is interesting to note that it was during the same time when the Ruble rate collapsed against Dollars. According to the famous economists, BTC was supposed to save nations’ currency.
Russa ranked 24th in line for search queries related to BTC and Blockchain.
Not Just Russia
The Bitcoin mining rewards were decreased on May 11th. The reward for these miners cut into half. The mining reward on the network halved from 12.5 to 6.25 BTC.
The reason might be pandemic, apart from that the main reason for the decrease in this largest cryptocurrency is the unavailability of any new breakthroughs. Many experts believe that the interest of Internet users all around the world, including Russia, can decrease even further in upcoming times.
Evidently, Google Trends captures a decline in interest in bitcoin from all countries. According to experts, people are not happy about how these digital currencies have not reached a maximum price after halving.
However, now that the market volatility remains weak, and Bitcoin has been trading all day in the range from $ 9400 to $ 9800. So, it is not all bad news; there is still a chance where the interests will grow. Which will make up for all the lost times.