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Cryptocurrency Interest Hits Late 2020 Levels Amid Lull in Optimism

Online search interest for "crypto" and other common cryptocurrency terms has fallen to levels last seen in late 2020 after a two-month-long lull in cryptocurrency optimism, according to data from Google Trends. Bitcoin and Ethereum have followed a similar downward trajectory, with search interest in a consistent decline since May 2022. The fall in interest coincides with lower trading volumes on exchanges, which reached a 32-month low last month, and a lack of institutional excitement, according to Galaxy Digital CEO Mike Novogratz. However, search volumes for "decentralized finance" and "defi" have increased in 2023, while Nigeria holds the highest score for most crypto-related searches.

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