What does Google Trends say for searches in Turkey, a country where adoption and interest in cryptocurrencies are increasing?
Turkey ranks 12th out of 154 countries in the 2022 Crypto Adoption Index. This indicates that crypto adoption has been increasing steadily in our country since mid-2019. Turkey’s being among the fastest growing crypto markets and being the leader in the region; It is getting stronger due to the desire to protect the money that emerged with the depreciation of the Turkish Lira. Despite the decline in the crypto money market, the interest of Turkish investors did not decrease. So, what kind of presence did Turks have on Google during 2022?
Turkey Runs To Google In The Most Terra Collapse
In order to chart Turkey’s crypto curiosity, we created an analysis of the word “crypto” in Google Trends as the most basic.
Looking at the year, Turkish users made the most crypto-related searches in mid-May.
Let’s remember a little about what happened during this period:
The collapse of Terra… Yes, the interval when that historical crisis took place, is the interval when Turks run to Google and do research. As it is one of the biggest crises in the crypto market, there is inevitably a massive increase in searches.
UST, developed by Terraform Labs, falls into a category called “algorithmic”. These cryptos are designed to use market incentives to protect pegs rather than relying on collateral. Stablecoin started to lose its parity with the US dollar for many reasons such as selling pressures. Efforts to maintain the value of the UST were futile and the asset’s value was reset.
Decreased Interest, Search for “Crypto” Drops in Turkey
It is an undeniable fact that after the Terra crisis, confidence in cryptocurrencies decreased around the world. In addition, the decline in the crypto market began to become evident for many reasons, such as Elon Musk selling his Bitcoins (BTC). The period when investors started to renew their plans due to the bear market coincides with the period when Turks searched the least.
Although there were issues that occupied the world’s agenda last October, it did not reflect positively on the search results due to the already decreased interest.
The most curious news on the agenda in October were as follows;
- Tesla CEO Elon Musk’s acquisition of Twitter,
- Launching an arrest warrant for Terra Founder Do Kwon,
- BNB Chain had been hacked.
Which Regions Made the Most Searches?
We stated that Turkey stands out as a rapidly growing country in crypto due to the current economic conditions. However, in which part of our country is crypto more curious?
While the search process, which started with the collapse of Terra, extended to the acquisition of Twitter, the most curious cryptocurrencies were Terra, Mana and LTO. Related news and cryptocurrencies were mostly searched from the following cities:
- Report
- Bingol
- Diyarbakir
- Adiyaman
- Erzincan
