Regardless of the various adaptations, regulations, and improvements in the crypto sector, the market crash did not let the crypto sector rise nor stand still. The interest in crypto had decreased by 16% worldwide.
Meanwhile in the USA, people had lost as much as 26% of interest in crypto. On the other hand, in the Netherlands, a drop of 37% in crypto interest made it on top of the list of all countries. Ireland followed a similar path ending up with 30% and listing as 2nd country with the highest loss of enthusiasm for crypto.
Source: Coin Journal Cryptocurrency Interest: 2022
Dan Ashmore, CoinJournal’s crypto data analyst, commented on the loss of interest for the digital assets:
“It makes sense that interest drops amid the downturn, especially when considering the hysteria of last year. Human nature dictates that we all want to get involved when things are going well.”
According to Dan Ashmore, the reason for the previous increase in interest in crypto was lit up by great investment returns, media headlines, and positive cryptocurrency news. However, as the easy way to earn money had been lost, many of the less interested customers fell away due to the prices going down.
Nonetheless, there is always light at the end of the tunnel, for instance, in Morrocco, the interest in crypto spiked by 61%, accompanied by Kenya, Thailand, Brazil Uruguay, and Nigeria. Besides the listed countries, there was one country that went a tremendous 592% up in crypto enthusiasm, the Central African Republic (CAR), after adopting Bitcoin as a legal tender earlier this April.
Despite concerns regarding the market recovery, people still keep optimistic attitudes regardless of the current situation. Ashmore stated that “there is no reason to believe that the trend here won’t reverse if the macro environment stabilizes and the uncertainty in the wider market somewhat dissipates.”