Bitcoin seems to be regaining popularity in China after it became the number one most searched keyword on the Chinese search engine Baidu. This particular search engine is the equivalent of Google in China and in today’s bitcoin news we find out more about it.
After it crashed from its all-time high two years ago, Bitcoin reached another low level of $3,200 before increasing above $5,000. This level provided the number one cryptocurrency a very important battle station for the psychology of the market. Bitcoin is currently testing the $5,000 resistance level and is trading at $5,027.
The increase in price means the interest for the currency is increasing as well. It also seems like the major cryptocurrency is a hot topic in China according to the Google data. The Google trends analysis show that there has been a large interest in bitcoin searches in the past several days.
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Bitinfocharts.com provided some information that the number of tweets per day with the word ‘’bitcoin’’ also spiked during the price surge. It’s no wonder that Google searches and tweets are correlated with the price action according to Yale University analysts.
China, on the other hand, was not so supportive of Bitcoin in the past as a currency. The Government even banned ICOs in 2017 and put up harsh regulations regarding trading. However, a civil court in China ruled that Bitcoin is considered as personal property and can be legally protected.
It is weird to see such a spike in interest with all the negative sentiment on the market. The Baidu search results show that the interest has grown three times as much than any other commodity. The CEO of Bitpay Sonny Singh even commented on the situation:
‘’A lot of times these price spikes happen in America but now that it occurred when the markets closed, one can easily say that it shows how the Asian market is becoming. BTC trades 24/7 around the world and that has become evident. I don’t know what made the market move but my analysts had told me that once BTC breaks the $4300 mark, it will zoom on the price charts.’’
It appears that no one has a clear answer why there was a price surge but we can only wait and see what will happen next.
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