The Decline of Crypto Interest in a Post-Pandemic Era

In the wake of the pandemic, the cryptocurrency industry experienced unprecedented highs and devastating lows. However, despite a rebound in prices during 2023, there has been a significant decline in general interest towards crypto compared to the hysteria witnessed during the pandemic. This article delves into the current state of crypto interest, exploring the plummeting search volume, the impact of regulatory climates, and the correlation between interest, trading volumes, and liquidity. Join us as we uncover the reasons behind the decline of crypto interest in this post-pandemic era..

The Rise and Fall of Crypto

The Crypto Boom of 2021

Following several years of relative obscurity, the cryptocurrency sector surged in the latter half of 2020. Despite weathering the initial storm brought about by the COVID-19 pandemic in March 2020, both within and outside of crypto, it was the first quarter of 2021 that witnessed the sector’s true breakthrough. Conversations around dinner tables revolved around mysterious internet money, newspapers began discussing blockchain technology, and the price of Bitcoin skyrocketed, surpassing its previous highs from the 2017 bull market peak.

The Bear Market of 2022

However, the subsequent decline in search volume since the peak of Q1 2021 highlights the struggles the industry has faced. Throughout 2022, as prices plummeted and confidence waned, interest in the sector gradually faded away. There were brief spikes in interest during specific events, such as the collapse of the Terra ecosystem in May 2022, the bankruptcy wave hitting the space, notably lending firm Celsius in June 2022, and the implosion of FTX in November 2022. Unfortunately, these episodes did not have a positive impact on overall interest in crypto.

Current State of Crypto Interest

Google Search Data for Bitcoin

One of the most telling indicators of the declining interest in crypto is the search volume for the term “Bitcoin” worldwide. Recent data reveals that the volume has reached its lowest point since 2020, painting a stark picture of the industry’s fall from grace.

Declining Search Volume

Despite the rebound in prices observed in 2023, many who lost interest in crypto during the bear market have not returned. Not only has search volume dropped significantly, but overall volume and trade liquidity have also experienced a noticeable decline. Crypto companies and industry stakeholders find themselves facing numerous challenges, further exacerbating the downward trend.

Global Trends in Crypto Interest

While the regulatory climate in the US has worsened over the past few months, resulting in potential difficulties for crypto companies operating in the country, it is essential to acknowledge that the decline in interest predates the 2022 bear market. Similar drop-offs in crypto interest can be observed in nations around the world, even in crypto centers like Singapore.

The Impact of Regulatory Climate

The regulatory clampdown in the United States has added to the challenges faced by the crypto industry. The increasingly stringent regulations have made it harder for crypto companies to operate within the country. If this trend continues, it may lead to a further push of crypto activity overseas, which could worsen the decline in interest.

However, it is important to note that the decline in interest predates the regulatory issues in the US. The downward trend has been ongoing since before the bear market of 2022. While the regulatory climate may have a more significant impact on the US side going forward, similar drop-offs in interest can be observed globally.

To illustrate this point, let’s consider Singapore, one of Asia’s hottest crypto centers. The trend of declining interest in crypto can be observed in Singapore as well, mirroring the global pattern seen in the US. This indicates that the decline is not solely a US problem but a broader trend affecting crypto enthusiasts worldwide.

According to Max Coupland, director of CoinJournal, “Anyone remotely in tune to the crypto markets will be able to tell you that interest is not as high as it was. Nonetheless, to see the extent to which Google search volume has fallen off is jarring. Even with prices rising in 2023, many who have lost interest in crypto are not returning. Not only this, but volume continues to fall, as crypto companies and other industry stakeholders fight a number of headwinds.”

The Ripple Effect on Volumes and Liquidity

The decline in interest has had a significant impact on volumes and liquidity within the crypto industry. Volumes and liquidity are closely correlated with general interest. Anecdotal evidence supports this correlation, as discussions around crypto have become less prevalent in recent months compared to the height of the pandemic when stimulus checks were being distributed, lockdowns were in place, and Bitcoin was trading at high prices.

The diminishing interest in crypto has resulted in reduced trading volumes and liquidity. As prices fell and scandals shook the industry, many individuals and institutions lost trust in crypto, leading to a significant outflow of capital. Several reports have highlighted the relentless pace at which capital has departed from the crypto space.

The Perceived Decline of Crypto

The overall decline in interest has resulted in a perceived fall from grace for the crypto industry. After reaching unprecedented heights with Bitcoin trading at $68,000 in 2021, the subsequent scandals and loss of trust caused the industry to lose its luster. The price of Bitcoin tumbled to $15,500, further discouraging potential investors and causing both institutional and retail money to flee the market.

The big question now is whether crypto can regain its former glory. While the industry has experienced setbacks, it is not without potential. The future trajectory will depend on various factors, including regulatory developments, technological advancements, and market sentiment.


In conclusion, the crypto industry is currently grappling with a significant decline in interest. The search volume for Bitcoin has reached a two-year low, indicating a significant drop-off in general curiosity about crypto. This decline in interest is not limited to the United States but is observed globally. The regulatory climate, although challenging for crypto companies, is not the sole cause of the declining interest but rather a contributing factor. The diminishing interest has also resulted in reduced volumes and liquidity within the industry. While crypto has fallen from grace, the future remains uncertain, and the industry’s ability to bounce back will depend on its ability to rebuild trust, navigate regulatory challenges, and reignite general interest.


  1. Q: Will crypto interest ever recover?
    • A: The future of crypto interest remains uncertain. It will depend on various factors, including market dynamics, regulatory developments, and technological advancements.
  2. Q: What impact do regulatory climates have on crypto interest?
    • A: Regulatory climates can have a significant impact on crypto interest. Stringent regulations can create barriers for crypto companies and investors, potentially reducing interest and activity in the industry. However, it is important to note that the decline in interest predates the recent regulatory issues.
  3. Q: How has the decline in crypto interest affected volumes and liquidity?
    • A: The decline in interest has resulted in reduced trading volumes and liquidity within the crypto industry. As general interest waned, trading activity and liquidity also diminished. This is due to decreased participation from individuals and institutions who have lost trust in the industry.
  4. Q: What were the notable events that caused brief spikes in interest during the decline?
    • A: There were three notable events that caused temporary spikes in interest: the collapse of the Terra ecosystem in May 2022, a series of bankruptcies, including lending firm Celsius, in June 2022, and the implosion of FTX in November 2022. However, these episodes did not lead to sustained growth in interest.
  5. Q: Is the decline in crypto interest solely a US problem?
    • A: No, the decline in crypto interest is a global trend. While the regulatory climate in the US may have a more significant impact on the industry in the country, similar drop-offs in interest can be observed in nations worldwide, including prominent crypto centers like Singapore.

Note: The answers provided in the FAQs are for informational purposes only and should not be considered financial or investment advice. The cryptocurrency market is highly volatile, and individuals should conduct their own research and consult with professionals before making any investment decisions.

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