What Google Trends Data Teach Us About Crypto In 2023?

2022 brought an end to the crypto winter aggravated by the downfall of FTX and the arrest of its founder, Sam Bankman, following fraud allegations. This came after a few other events at the start of the year.

The most significant events included: Voyager and Celsius going bankrupt and Terra (Luna) becoming worthless. The unfortunate turn of events created doubt regarding the value and use of blockchain technology. Here are a few search trends from 2022 that may continue in 2023:

FOMO

This was the buzzword of 2022, and it is expected to continue in 2023. It was the top search trend in 16 states. In addition, FOMO was one of the dominating top search trends in three states. The term DYOR recorded the highest growth. The term grew 222% in 2022 in comparison to 2021.

Dash

According to Google Trends data, this was 2022’s top trending cryptocurrency in the United States. It was the #1 crypto-related term in the United States 1,789 times.

The search term was a top search trend in 31 states. In addition, it was a dominating top search in nine states.

New York

In 2022, New York was a crypto trendsetter in the United States. 26 crypto trends first appeared in New York before spreading to other states. New York obsessed over Ethereum more than other states in 2022. ‘Ethereum’ was the top search trend for 15 days in New York.

FTX Collapse

This was the most notable crypto collapse of 2022. It generated search interest in the industry, improving it by 3.6 points.

Nevada

This state loves Bitcoin. It is the only state with Bitcoin dominating Google Trends. In 2022, the search term had the highest interest five days in a row. It all started on June 11, when Bitcoin lost about 35% in a week.

Here are a few lessons to learn from Google data trends.

Blockchain Markets Will Keep Developing

Following 2022 Google trends, it is obvious that blockchain markets will keep growing. Many exciting trends will shape the future development of the blockchain industry and the way it continues to evolve.

Interest in blockchain technology has been growing rapidly as banks, international trade, supply chain management, and governments adopt the technology.

The spending on blockchain solutions is predicted to increase from $12.2bn in 2022 to $23.3bn in 2023.

Blockchain-based systems will likely become the new standard across various industries. Since it can be used in just about any field, the growth of blockchain is not declining any time soon.

Crypto is ideal in healthcare, supply chain management, insurance, finance, and gaming. It’s particularly popular with gamers, because they make up the biggest demographic of crypto investors.

To expound more, Bitcoin isn’t only used for video game microtransactions. You can also use crypto to deposit and withdraw money at casinos like Pirateplay. You can deposit both bitcoin and altcoins and use them to play hundreds of games.

Regulation Is Inevitable

The collapse of FTX may have been disastrous, but something good may come from it-the introduction of regulations, especially for centralized exchanges. In 2023, there may be stricter rules on investor protection.

The regulations are long overdue, and even Congress seems to be paying attention. They summoned SBF for a hearing, although he was arrested before the scheduled date.

Regulators from all over the world are quickly zeroing in on the crypto market. The goal is to lay out effective rules that can prevent catastrophes similar to FTX. However, these legislators need to be cautious lest they stifle Web3 innovation.

Move Towards an International Regulatory Framework

In 2023, regulators worldwide may need to work together to deliver a clear global regulatory framework. Close supervision of the markets is necessary for effective regulation.

In the absence of a global regulatory framework, even comprehensive local laws may not do much to prevent cross-border arbitrage. Institutions like the BIS, World Bank, IMF, and BIS are hinting that an international and cohesive regulatory framework is necessary.

The Impact of the FTX Collapse May Still be Felt

The collapse of FTX will continue to impact the entire crypto sector. It challenged the credibility of crypto as a reputational asset and exposed the inherent dangers in the market.

The FTX collapse solidified the impression of an insecure landscape contributing to a stunted growth of the industry. Trust levels have fallen lower than ever, making many financial investors and retail investors to reconsider their position in the crypto market.

Many crypto firms faced liquidity issues or crashed following the collapse of FTX. It is a lesson on just how volatile the crypto market really is. 2023 is predicted to be tougher and even more volatile.

Investors remain reluctant to enter the market as long as clear regulations have not yet been set up.

Increase In Security Audits

2023 will likely bring more focus on security audits within the industry. The trend comes following an increased demand for security and transparency. Many of the new cross-chain bridges focus on speed, which usually comes at the expense of security.

Hackers target cross-chain bridges, and it is time to address the concern. The increase in security-related incidents in 2022 calls for more projects to understand the value of auditing.

Projects that undergo comprehensive security audits and methods like bug bounties are secure through development and ongoing operations.

Increased Popularity of Blockchain

Private blockchains started gaining popularity in 2022, and they will be even more popular in 2023. There is growing adoption of enterprise or private blockchains. Enterprises are more interested in private blockchains as they only give access to authorized users within the network.

They demand an invitation key before you take part in any transactions. Private blockchain networks are essential when it is vital to safekeep enterprise data. Access to specific information and documents is programmable and role-based.

In conclusion, crypto search trends in 2022 prove that there is a lot to expect from the industry in 2023. The search trends are critical indicators of common sentiments and general awareness of different blockchain and crypto-related subjects.

The analysis makes it easy to identify possible risks and opportunities in the market. It gives you an impression of the future and prepares you for what’s to come. Trends to expect include an increase in security audits, push towards an international regulatory framework, and the growth of blockchain markets.