Purchasing Bitcoin is something that has given many the ability to profit from the price of the dominant coin – or lose based on the market sentiment. However, in times like these and times of a global coronavirus pandemic, we can see reports from Google Trends and Baidu which indicate that buying BTC has seen increased interest by people lately.
Whether this has something to do with the fact that people are working from home, are socially distant, and self quarantining after their possible exposure to COVID-19, online searches surrounding cryptocurrencies have gotten a bump in the past couple of weeks.
One report in the cryptonews coming from China shows that the Chinese search engine Baidu has seen a considerable jump in searches for the keyword “Bitcoin.” The data index also shows searches for BTC being increased by 183% over the past 30 days, while the number of people looking for information on the cryptocurrency on mobile devices also shot up.
This interest may be related to the theory that a global economic meltdown is occurring – something which may lead to a growing value for the cryptocurrency as a hedge against the banks. Anyways, purchasing Bitcoin is something that is seen as more than just a trend now.
Knowing that Google is blocked in China, Baidu is definitely a relevant source as the most popular search engine in the country. However, even besides this search engine, we can see data from Google that shows that search results in the United States had a 30-day high on March 13. This was shortly after the cryptocurrency experienced its biggest daily drop in the last seven years when more than $1 billion worth of longs was liquidated.
The shocking Bitcoin news now indicate that the trend in buying BTC is on. However, the price of the dominant coin is nowhere near its yearly highs of above $10,000 – instead, it has fallen to the $5,000 region once again.
Purchasing Bitcoin may present a viable investment for the long run, and as people search for the cryptocurrency on search engines, they may be intrigued about investing in it. If the trend continues, we might see increased volume on the markets and a rising price of BTC.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]