Bitcoin, Ethereum, Dogecoin Drop As Google Search Interest In Spot ETFs Plunges: Analyst

January 21, 2024 9:59 PM | 3 min read

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Major cryptocurrencies on Sunday evening dropped as the interest in Bitcoin exchange-traded funds (ETFs) continued to wane.

Cryptocurrency	Gains +/-	Price (Recorded 9:30 p.m. EST)
Bitcoin (CRYPTO: BTC)	-0.89%	$41,278
Ethereum (CRYPTO: ETH)	-1.37%	$2,436
Dogecoin (CRYPTO: DOGE)	-6.25%	$0.083

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What Happened: According to the data from Google Trends, the search interest for the keyword ‘Bitcoin ETF’ peaked at 100 (maximum interest) on January 10, but dropped to less than 8 on January 22.

In other news, Ron DeSantis, a vocal opponent of Central Bank Digital Currency, has decided to withdraw from the race for the White House.

“I can’t ask our supporters to volunteer their time and donate their resources. We don’t have a clear path to victory. Accordingly, I am today suspending my campaign,” DeSantis shared the news on X (formerly Twitter). “I will not stop now. It’s clear to me that a majority of Republican primary voters want to give Donald Trump another chance.”

Top Gainer (24 Hour)

Cryptocurrency	Gains +/-	Price (Recorded 9:30 p.m. EDT)
Manta Network (CRYPTO: MANTA)	+20.52%	$2.68
Siacoin (CRYPTO: SIA)	+7.28%	$0.013
Ronin (CRYPTO: RON)	+7.17%	$2.43

The global cryptocurrency market cap now stands at $1.62 trillion, showing a 3.45% decrease in the past 24 hours.

Stock futures showed minimal movement on Sunday evening as investors aimed to capitalize on the S&P 500’s recent historic peak on Friday Futures linked to the S&P 500 edged up by 0.1%, while Nasdaq 100 futures saw a 0.2% increase. Additionally, Dow Jones Industrial Average futures ascended by 37 points, marking a 0.1% uptick.

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Following a brief retreat earlier in the week, stocks made a robust comeback on Friday. The S&P 500 shattered both its intraday and closing records established in January 2022.

Investors will closely monitor a series of economic reports scheduled for release this week, notably including gross domestic product data on Thursday and personal consumption expenditures prices on Friday. Both releases are expected to offer valuable insights into the perspective of central bank policymakers regarding future monetary policy.

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst Michael Van de Poppe said, “The total market capitalization for crypto seems ready for another push towards $2.1 trillion, but that will be done through coins other than Bitcoin. Consolidative period, before the next impulse, is likely going to occur.”

Pseudonymous cryptocurrency analyst Crypto Tony suggested the possibility of Bitcoin dropping below $40,000 before the upcoming block subsidy halving in April.

Santiment, an on-chain analytical firm reported that Bitcoin has rapidly surged by 3.2% in the last 3 hours, reclaiming the $42,000 threshold just as the market appeared gloomy for traders. This surge comes as Bitcoin was approaching the $40,000 mark, with bullish signals emerging on the RSI and 30-day MVRV metrics.

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