![]() ![]() Mainstream media outlets have written hundreds of Bitcoin obituaries over the years their pundits have been cheering the latest market collapse as evidence that BTC is not a viable asset. Related: Bitcoin mints more than 13,000 'wholecoiners' in the past seven days Adverse market conditions have also led to credible speculation that major industry players, such as Celsius and Three Arrows Capital, are facing insolvency. The implosion of the Terra ecosystem and its related contagion effects has also been a contributing factor. Bitcoin’s downward spiral, now in its seventh month, may have been triggered by the Federal Reserve’s massive shift in policy, which has placed downward pressure on risk assets. The Google search results reflect peak anxiety for the cryptocurrency markets following weeks of relentless selloffs in asset prices. Searches for similar keywords, such as “Bitcoin is dead,” also rose sharply but didn’t reach a new peak. Global searches for “Bitcoin dead” skyrocketed over the weekend. The last time the search query scored 100 was in December 2017 or thereabouts. “Bitcoin dead” achieved a score of 100 for the period between June 12–18 based on preliminary data that is reflected by the dotted line. Google searches for "bitcoin dead" hit all time highs over the weekend. The data are anonymized, categorized by topic and aggregated based on location. Google Trends tracks interest in search terms over time, assigning scores of 1 to 100 based on the total number of user queries. Google searches for “Bitcoin dead” spiked in the week ending Friday, June 18, and likely reached the highest level on record. On the other hand, if interest fails to light up going forward, then Bitcoin’s price could drop back down instead.īTC's price shoots up | Source: BTCUSD on TradingViewįeatured image from, charts from TradingView.Collapsing Bitcoin ( BTC) prices are reviving renewed speculation about the demise of the leading cryptocurrency, according to Google search trends. It’s likely that the Google trends chart would change soon if BTC keeps proceeding like this, and all the fresh money that will come in then could take it to new heights. As a lack of new interest would also imply a lack of fresh money dropping into the crypto. It also means that this surge in the price of Bitcoin is mostly driven by old money. Related Reading | Miners Transfer A Never-Before-Seen Amount Of Bitcoin To Exchanges The recent rally where BTC crossed $55k for the first time in five months hasn’t been enough of a spark to reignite general popularity in the coin. What Do These Trends Mean?Īn important thing that these Google trends show is that there is a relative lack of new interest in Bitcoin right now. The US is ranked all the way down to 23rd right now. Unsurprisingly, El Salvador is top of the list as the nation recently adopted the cryptocurrency as legal tender. The top five regions for the search term Bitcoin | Source: Google Trends ![]() Here is some more interesting data, this time the popularity has been filtered by region instead of by time: On taking a closer look at the chart, it becomes apparent that Bitcoin had peak interest for the period on 16 May. Feb and Jan also saw popularities not very far from it as both had interest values over 80.īut the current value according to Google is just around 31, lower than at the start of September. Related Reading | Can Google Trends Predict The Last Bitcoin Leg Up? For example, an interest of 50 would suggest the period had half as much popularity as the peak. This highest value is taken as 100 and every other value is calculated relative to this. ![]() Google’s trend charts display these interest values relative to the period where the search term had peak popularity. Interest in BTC over the last one year | Source: Google TrendsĪs the graph shows, interest in Bitcoin looks to be pretty low at the moment when compared to the early 2021 rally. Here is the latest interest over time chart for the search term “Bitcoin”: However, despite such an increase, Google trends reveal a different picture about the general interest in the crypto. Google Trends For The Search Term “Bitcoin” Show Low Current InterestīTC recently had a sharp move up where the price crossed the $55k mark for the first time since May. Despite the recent big move in Bitcoin price, Google trends reveal general interest in the cryptocurrency still remains low. ![]()
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11/6/2023 10:18:38 am
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