What does Google Trends data teach us about Crypto in 2023?
The year 2022 ended the cryptographic winter aggravated by the fall of FTX and the arrest of its founder, Sam Bankman, following allegations of fraud. This came after several other events at the beginning of the year.
Among the most important events were: Voyager and Celsius went bankrupt, and Terra (Luna) became worthless. The unfortunate change of events has created doubts about the value and use of blockchain technology. Here are some search trends in 2022 that could continue in 2023:
FOMO
This was the keynote of 2022 and is expected to continue in 2023. The best research direction was in 16 states. In addition, FOMO was one of the dominant major research trends in three states. The term DYOR recorded the highest increase. This concept grew by 222% in 2022 compared to 2021.
dash
According to Google Trends data, this was the most important cryptocurrency of 2022 in the United States. It's been the #1 term related to cryptocurrencies in the United States 1,789 times.
This term was one of the most important search terms in 31 states In addition, it was a top-dominant quest in nine states.
New York
In 2022, New York is the leading cryptocurrency region in the United States. The cryptocurrency trend first emerged in New York and then spread to other states. New York was more obsessed with Ethereum in 2022 than any other state. “Ethereum” was the top search keyword in New York for 15 days.
Collapse FTX
This was the most notable cryptographic crash of 2022. It has generated search interest in the industry, improving it by 3.6 points.
NV
This country loves Bitcoin. It is the only state that has Bitcoin dominating Google Trends. In 2022, the search term has garnered the most attention for five consecutive days. It all started on June 11, when Bitcoin lost about 35% in a week.
Here are some lessons you can learn from Google Trends.
Blockchain markets will continue to evolve
Following Google's trends in 2022, it is obvious that blockchain markets will continue to grow. Many interesting trends will shape the future development of the blockchain industry and how it continues to evolve.
Interest in blockchain has grown rapidly as banks, international trade, supply chain management, and governments embrace the technology.
Spending on blockchain solutions is expected to increase from $12.2 billion in 2022 to $23.3 billion in 2023.
Blockchain-based systems will likely become the new standard in different industries. Since it can be used in almost any field, the growth of blockchain is not decreasing anytime soon.
Cryptocurrencies are ideal for healthcare, supply chain management, insurance, finance, and gaming. It is especially popular with gamers as they make up the largest group of cryptocurrency investors.
To be more clear, Bitcoin is not only used in video game microtransactions. You can also use crypto to deposit and withdraw money on many sites and use it for various things. You can deposit both bitcoins and altcoins and use them to play hundreds of games.
In the year 2023, there may be very strict rules regarding investor protection.
Regulations have been awaited for a long time, and even congress seems to be paying attention. They summoned the SBF for a hearing, although he was arrested before the scheduled date.
Regulators around the world are turning their attention to the cryptocurrency market. The goal is to create effective rules that can prevent FTX-like disasters. However, these lawmakers must be careful lest they stifle Web 3 innovation.
Moving towards an international regulatory framework
In 2023, regulators around the world may need to work together to provide a clear global regulatory framework. Close supervision of the markets is needed for effective regulation.
In the absence of a global regulatory framework, even comprehensive local legislation may not do much to prevent cross-border arbitrage. Institutions such as the BIS, the World Bank, the IMF and the BIS suggest that an international and coherent regulatory framework is needed.
The impact of FTX collapse can still be felt
The collapse of FTX will continue to affect the entire cryptographic sector. It challenged the credibility of cryptocurrency as a reputational asset and exposed the dangers inherent in the market.
The collapse of FTX reinforced the impression of an uncertain landscape that contributes to the stunted growth of the industry. Confidence levels have fallen lower than ever, causing many financial investors and retail investors to reconsider their position in the cryptocurrency market.
Many cryptocurrency firms have faced liquidity issues or collapsed following the collapse of FTX. It's a lesson in how volatile the crypto market really is. The year 2023 is expected to be tougher and even more volatile.
Investors remain reluctant to enter the market as long as clear regulations have not yet been established.
Increased security audits
The year 2023 is likely to focus more on security audits in the industry. This trend comes as a result of the growing demand for security and transparency. Many new bridges focus on speed, which usually comes at the expense of security.
Hackers target bridges and it's time to address this concern. The increase in the number of security incidents in 2022 requires more projects to understand the value of auditing.
Projects that are subject to comprehensive security audits and methods such as bug rewards are secure through ongoing development and operations.
The increased popularity of blockchain
Private blockchains began to gain popularity in 2022 and will be even more popular in 2023. There is a growing adoption of enterprise or private blockchains. Businesses are more interested in private blockchains because they only provide access to authorized users within the network.
They ask for an invite key before making a transaction. Private blockchain networks are critical when it comes to securing corporate data. Access to information and documents is specific, programmable, and role-based.
In conclusion, cryptocurrency search trends in 2022 demonstrate that there is a lot to expect from the industry in 2023. Search trends are critical indicators of common feelings and general awareness of various topics related to blockchain and crypto.
The analysis facilitates the identification of possible risks and opportunities in the market. It gives you an impression of the future and prepares you for what is to come. The trends should be expected to include an increase in security audits, a push towards an international regulatory framework, and the growth of blockchain markets.
