The demand for Bitcoin (BTC) seems to picking up if the latest Google reports are anything to go by. According to recent Google reports, there seems to be increasing interest in the most popular cryptocurrency. In just one week, BTC searches surged up by 33 percent.
Normally, Google searches are considered late but reliable indicators of the market as increases in traffic occur after a major move in the market.
Since the start of the year, Bitcoin’s price has been climbing steadily. Recently, it flattened out at $10,000 after peaking at $12,000 in June 2019.
According to Google Trends, the search volume for the word “BTC” shot up in August 2019 and has consistently continued to spike daily.
Though it is still unclear what is causing the spike, virtual currency analysts speculate that cryptocurrency traders could be manipulating the searches in an effort to boost the price of the currency.
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While there is a significant spike in the UK, US, Australia, Russia, and Brazil, it is Romania that is leading in the ‘BTC’ searchers. The surge in online searches is similar to what happened in 2017 when Bitcoin hit a record high of $20,000, buoyed by high search levels on Google.
Interestingly, words associated with Bitcoin such as“Ethereum” and “Crypto” have not experienced any major spike in the past several weeks. This seems to suggest that most people and businesses are only interested in the development of Bitcoin compared to other cryptocurrencies.
According to Jeff Sprecher of the New York Stock Exchange, Bitcoin has shown resilience in the past nine years in spite of undergoing five corrections. In some instances, these corrections involved drops of over 85 percent but the cryptocurrency always found a way of springing back.
“Somehow bitcoin has lived in a swamp and survived. There are thousands of other tokens that you could argue are better yet Bitcoin continues to survive, thrive and attract attention,” Jeff said.
However, in an unprecedented crash last week, Bitcoin fell below 7K causing a panic in the cryptocurrency market. The drastic drop came shortly after BitMEX, a cryptocurrency exchange and trading platform sold $680 million worth of BTC. In the ensuing panic, traders on all virtual currency exchange and trading platforms sold their spot positions with portals such as CryptoCompare showing executions of up to 11,000 trades per second.
But a seasoned commodity strategist at Bloomberg Intelligence sees things differently. According to him, the pressure on Bitcoin is due to a fast falling stock market which will be temporary. “The Bitcoin trend is toward gold-like price action,” he said.
The jury is still out on what is causing the interest in Bitcoin, but one thing is for sure, this virtual currency is something to keep an eye on.
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