Bitcoin and cryptocurrency interest in the U.S. is rising, as shown by Google Trends data. The price dip post-White House summit highlighted market caution.
Bitcoin Search Trends Over Time
Bitcoin search interest has followed market cycles. The 2013 bull market saw the first major surge in searches. In 2017, interest hit an all-time high as Bitcoin neared $20,000. The 2021 bull run drove another sharp increase, with Bitcoin reaching new highs. Meanwhile, 'Crypto' searches have followed a similar pattern but at lower volumes. Political events like elections have also influenced interest. The latest search data indicates a fresh spike, hinting at a potential trend shift.
White House Crypto Summit Discussion
On March 7, the White House held its first-ever crypto summit, marking a significant moment in the U.S. government's approach to digital assets. President Trump reaffirmed his desire for the U.S. to lead the world in cryptocurrency. However, anticipated policy changes did not materialize. David Sacks, Trump's 'crypto czar,' announced an executive order to establish a strategic Bitcoin reserve, which would only include Bitcoin seized by federal agencies. This disappointed investors who hoped for new government Bitcoin purchases. Additionally, a separate 'digital asset stockpile' was created to hold seized cryptocurrencies like Ethereum and Ripple.
Market Reaction and Bitcoin Price Drop
Bitcoin's price dropped 3% on Friday after the summit, ending the week around $87,000, down over 7%. The market initially reacted favorably to the reserve disclosure, but when investors learned there would be no new government acquisitions, their excitement waned. As of now, Bitcoin trades at $84,561.92, down 1.76% in the last 24 hours. The 24-hour trading volume stands at $15.99 billion. Market sentiment remains cautious as investors await further policy clarity.
Bitcoin interest in the U.S. is on the rise, as evidenced by Google Trends data. However, the White House summit and lack of new government acquisitions have tempered market enthusiasm, leading to a cautious sentiment among investors.
