Interest in Bitcoin spikes in 2022 as industry enters latest ‘cryptocurrency winter’: Morning Brief

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Thursday 22 December 2022

Today’s newsletter is from Jared Blikre, a market-focused reporter on Yahoo Finance. Follow him on Twitter @SPYJared. Read this and other market news wherever you are Yahoo Finance application.

Cryptocurrency winter be damned: Bitcoin and ethereum investors are still focused on a plummeting industry rocked by bankruptcies.

At least that’s what at least one internal metric from Yahoo Finance is revealing as investors continue to watch cryptocurrency prices slash at a steep pace as 2022 draws to a close.

Despite, or perhaps because of, the entire crypto asset class appearing on the brink of collapse, Yahoo Finance’s bitcoin (BTC-USD) quote page has amassed more than 157 million views so far in 2022, making it the number one 8 on the list is the list of top ten trending tickers of the year.

And this was during a year that saw war break out in Europe, historic rate hikes by the Fed surprise all summer, and investors endure the worst stock market environment in more than a decade.

Unsurprisingly, perennial favorite Tesla (TSLA) tops the list.

Major US indexes, plus Apple (AAPL) and Amazon (AMZN), also beat bitcoin in terms of clicks.

But the leading crypto ticker managed to beat chipmaker Nvidia (NVDA) and 2021 favorite GameStop (GME), which rounds out the top ten.

During the previous crypto winters, user interest in Yahoo Finance’s crypto quote pages simply plummeted.

For several years, no cryptocurrency ticker made it to Yahoo Finance’s top 10 trending tickers list on a seven-day moving average.

However, bitcoin reappeared in the first week of 2021 after the price of the world’s largest cryptocurrency soared to new record highs, finally signaling that the sector had emerged from the previous crypto winter.

Bitcoin hit its latest record high late last year, and interest in the ticker fell slightly with the price during the first quarters of 2022, only to bounce back during the Earth-Moon debacle over the summer.

Feel free to dismiss some of the interest as gummy, but the resilience in interest in cryptocurrencies also comes with some irony. Many alleged bitcoin HODL users are grappling with the reality that in some cases the only thing “holding” their cryptocurrency is a foreign entity involved in bankruptcy court.

And for investors who may be ready to move on in 2022, the saga is only intensifying as we head into the new year. With the former number two exchange, FTX, in crisis, the industry is now looking for cracks in the only remaining giant, Binance.

Either way, 2023 promises to deliver more life-and-death crypto news to keep investors hitting the refresh button.

But one has to wonder if it’s going to get any stranger than criminal Sam Bankman-Fried’s walk. Stay tuned.

What to watch today

Economy

  • 8:30 Italian time: Annualized GDPquarter-over-quarter, third quarter third estimate (2.9% expected, 2.9% prior)

  • 8:30 Italian time: Personal consumptionquarter-over-quarter, third quarter third estimate (1.7% expected, 1.7% prior)

  • 8:30 Italian time: GDP price indexquarter-over-quarter, third quarter third estimate (4.3% expected, 4.3% prior)

  • 8:30 Italian time: Core PCEquarter-over-quarter, third quarter third estimate (4.6% expected, 4.6% prior)

  • 8:30 Italian time: Initial jobless claimsweek ending December 17 (222,000 expected, 211,000 during prior week)

  • 8:30 Italian time: Continuous complaintsweek ending December 10 (1.678 expected, 1.671 million during prior week)

  • 10:00: Main indexNovember (-0.5% expected, -0.8% previous month)

  • 11am ET: Kansas City manufacturing indexOctober (-7 expected, -6 during previous week)

Earnings

  • AutoMax (KMX), Enterprises of the Apogee (APOG), Paychex (PAY X)

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