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Bitcoin is trending all over the internet but this time it’s different

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The COVID-19 pandemic has been devastating the globe as each day more and more people test positive for the disease. The severe situation has resulted in nations getting locked down to avoid spreading of the virus. With most of the people being advised to work from home and self-quarantine, Google searches have seen a spike in numbers about searches regarding cryptocurrencies.

According to data from Goole trends, Baidu and Twitter, over the past weeks, people have become curious about buying bitcoin even though the price of the token has been tanking. While both the traditional and crypto markets continue to suffer, cryptocurrencies, however, are being eyed by investors as $BTC showed some signs of recovery this week.

Popular crypto exchanges saw an increase in traffic with Coinbase traffic touching record highs. Coinbase processed $2 billion worth of crypto trades in 48 hours. Crypto exchange Kraken has also seen increased volumes and traffic with a reported 83% rise in new account signups. While critics expected the market to be empty right now, the sentiment is exactly the opposite.

A report published by Shenliancaijing reveals that the search terms “blockchain” and “ethereum” are up more than 183%. The report further notes that the term “bitcoin” and “buy bitcoin” are also rising exponentially on Google’s web browser as the term “bitcoin” went up from interest level 29 to 56 on Google trends. 

The term “buy bitcoin” is also way above the search for “sell bitcoin.” Twitter has also seen a higher trend of the term “buy bitcoin.”

Furthermore, the Google search results for BTC in the United States had a 30-day high on March 13, shortly after the cryptocurrency experienced its biggest daily drop in the last seven years when over $1 billion worth of longs were liquidated.

The economic crisis that is raging on in the market has been mostly due to investors liquidating portions, or their complete holdings, to battle the corona outbreak. The crypto market has shown it can be every bit as volatile as traditional ones when the global economy is dealing with a pandemic.

A completely opposite scenario

As previously reported by The Daily Chain, Bitcoin’s searches went up 33 percent, mostly predicated on the news of the coin crossing the important $10,000 mark, a completely opposite scenario from what’s happening now.

Another interesting Bitcoin search metric has been surrounding the upcoming reward mining halving set for May of this year. The halving will see the circulating supply of Bitcoin cut in half and this is being pegged as another reason for big price action.

It thus makes sense that the Google searches for ‘Bitcoin Halving’ have also been on the rise, having begun spiking in around November of last year. Bitcoin’s price is even being linked to the upcoming halving, and this, in turn, could be getting boosted further by fervent interest. 

It is yet to be seen whether the growing interest in the crypto-space can initiate a bull run. Meanwhile, BTC price is finally stabilizing two weeks after the crash with the flagship cryptocurrency trading priced $6184 at the time of writing, up 1.44% on the daily.

Anna Larsen
Anna Larsen has been a Crypto enthusiast since 2016. Fascinated by the technology and its usecases she decided to pursue a career in content creation related to this space. The journey has been exciting ever since.

Blockfyre & Huobi Weekly Market Report 22nd March

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