Earlier in May, we observed trend changes between candidates of the 2023 Turkish presidential election.
As you know, Google Search Trends allows users to explore search data, thus offering different perspectives on various interests, concerns, and curiosities. We believe these insights can be handy when analyzing events, industries, or else.
Today, we also want to discuss this topic within the frame of crypto marketplaces.
We typed 11 popular coin marketplace names in the keyword section on PEMAVOR’s free Search Trends Chart Generator, set the date between 01.11.2022 and 18.05.2023, then selected the country as worldwide.
Coin marketplaces: FTX - Binance - Coinbase - Kraken - KuCoin - Bybit - OKX - KRW - Bitget - Huobi - Crypto.com
Let's observe leading crypto coin marketplaces.
What are crypto coin marketplaces?
Crypto coin marketplaces (or cryptocurrency exchanges) broker the trading, selling, and buying of cryptocurrencies around the world. That is, you can exchange your cryptocurrencies for other assets, such as various digital currencies or traditional fiat money.
There are two types of cryptocurrency exchanges:
- Centralized Exchanges (CEXs): Exchanges, like Coinbase, Binance, and Kraken, are operated by a central organization overseeing transactions. Like traditional exchanges but for digital currencies.
- Decentralized Exchanges (DEXs): Platforms like Uniswap, SushiSwap, and PancakeSwap allow peer-to-peer transactions. They use blockchain and smart contracts for trading, without a mediator.
Is it worth using search trends for the crypto world?
Each platform has its own options, security policies, fees, and interfaces to meet the different needs of the crypto community. However, online headlines can influence their reputation, for better or worse. By tracking these search trends, crypto geeks can gain valuable insight. Of course, while these trends don't point to marketplaces' total performance or reliability, they provide a snapshot of what's hot in the cryptosphere right now.
Here are example milestones of how marketplaces have shaped search trends since November 2022.
A new dawn after FTX’s downfall
In November 2022, FTX went bankrupt; and it was pivotal for the crypto industry. While Binance tried to benefit from this crisis, crypto sustainability concerns were also raised. The event caused a surge in search trends, reflecting instant public response.
The echoes of crisis
Just a couple of days later, Bitcoin took a hit, falling by 6% amid FTX's bankruptcy filing. Thus, Binance's CEO sent waves of uncertainty with warnings of a looming crisis.
Employment cuts
On December 2, Binance had withdrawn its earlier bid to rescue FTX. Then, on December 12, Kraken announced a 30% staff cut. Sure, results drove searches as people searched for clarity on these unexpected turns of events.
Confidence crisis
Then, on December 13, FTX's ex-CEO Sam Bankman-Fried found himself in handcuffs. Besides, Binance halted USDC withdrawals in the US amidst a billion-dollar crypto withdrawal from its platform.
Withdrawal hurdles
Binance announced its departure from the Canadian market due to regulatory challenges on May 13. A few days earlier, on May 8, Bitcoin withdrawals were suspended twice in 10 hours. These changes stirred the crypto world, causing a surge in searches that reflected growing concerns about platform reliability and increasing regulation.
Conclusion
🔵 Google Search Trends is a useful way to track public interest.
🔵 Trends aren't performance indicators but snapshots of what's currently interesting in your business, else.
🔵 Tracking these trends can help understand the changing landscape of your business.
Explore free Search Trends Chart Generator
Do you often make research on people's search intent and check Google Trends to see trending search terms? Discover valuable insights and prepare your own racing bar charts with our free Search Trends Chart Generator. Try it out now.