More people worldwide are interested in the Bitcoin halving this year compared to 2020.
According to the CoinWire research provided to crypto.news, the appeal of Bitcoin’s (BTC) halving has almost doubled since its previous quadrennial block reward slashing.
The firm analyzed this year’s Google Trends data from across the globe and discovered that BTC halving interest scores increased from the previous cycle 51 to 100 days before the watershed event.
The first halving in November 2012 scored zero on the trends chart, as blockchain technology and cryptocurrencies were reasonably new to financial curiosity. The score rose to four by July 2016, and by the third halving in May 2020, it surged nearly 13 times.
Europe dominates BTC halving
European countries dominated Google search queries around the Bitcoin halving, despite the approval of spot Bitcoin ETFs in the U.S. and trading volumes of $200 billion. The top five countries included the Netherlands, Slovenia, Switzerland, Austria, and Singapore.
Excluding Singapore, the top 10 cities showing massive interest in Bitcoin’s halving were also found in Europe. According to CoinWire’s report, Zurich, the largest city in Switzerland, scored 100.
Amsterdam and Rotterdam in the Netherlands followed the Swiss giant with scores of 98 and 93, respectively. Austria’s Vienna and German Dusseldorf, Stuttgart, Munich, Frankfurt, and Cologne completed the list of 10 areas boasting the highest Bitcoin halving inquisitiveness.
While the U.S. came in at 22 among countries searching for Bitcoin halving information, states within America still showed high demand. CoinWire analysis showed that North and South Dakota scored 100, along with Zurich.
BTC halving could stir defi boom
Analysts posit that this year’s halving could differ regarding price impact and emerging narratives due to spot Bitcoin ETFs and a growing decentralized finance (defi) movement on Bitcoin’s blockchain.
Bitcoin defi emerged after developer Casey Rodarmor published the Ordinals protocol, allowing users to inscribe data on the smallest BTC unit known as Satoshi or SATS.
Pseudonymous builder Domo also expanded on the idea and created the BRC-20 standard, similar to Ethereum’s (ETH) ERC-20, the famous architecture employed for digital assets on crypto’s second-largest blockchain.
Bitget Chief Analyst Ryan Lee told crypto.news that users may see demand for BTC solutions and decentralized apps (dapps) as the halving draws even more attention toward the world’s number one decentralized network.
“The ingrained positive buyer sentiment triggered by Bitcoin has also stirred a DeFi boom as many innovators began exploring the DeFi on BTC move. Notably, this innovation is in its infancy. However, we project this will form the next major trend that can help return positive value to Bitcoin proponents beyond the ETF offerings.”
Ryan Lee, Bitget Chief Analyst
