Baidu search trends show that Chinese investors' interest in Bitcoin is largely driven by price volatility and related news. At the same time, according to Google Trends data, "BTC" has become a more popular search term than "Bitcoin."
Chinese investors' interest in Bitcoin is driven by news
Encrypted trader and analyst Alex Krüger said on Twitter last Friday that Baidu search showed that Chinese investors' interest in Bitcoin's interest has often coincided with a sharp rise in BTC prices and related news events.
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In this year's April Fool's Day bitcoin price broke successfully, the price in late June rebounded to a high of $13,800 this year, and when VanEck announced the launch of a "restricted version of ETF," the search for "bitcoin" on Baidu increased significantly. However, since the peak of the 2019 peak in the last week of June 2019, investor interest in Bitcoin has continued to decline.
Interestingly, the search for "bitcoin" seems to be consistent with "trade wars" and "Trump." In May and June of this year, there were three cases in which the keyword search volume increased at the same time. Behind this, Bitcoin is recognized by more and more people as a function of value storage. In times of economic turmoil, people tend to seek value storage to hedge. In fact, bitcoin investors are also more focused on the macro economy. The Fed’s interest rate cuts, the Chinese central bank’s RRR cuts, and the US dollar debts have all become hot topics, and are seen as an important factor affecting BTC price movements.
BTC is 7 times more popular than Bitcoin
Surprisingly, Google Trends data shows that BTC searches are much higher than Bitcoin. In August of this year, the search volume of BTC suddenly soared, surpassing Bitcoin in one fell swoop, and once reached about 10 times that of Bitcoin. Although BTC's popularity in the Google search trend has fallen sharply since the beginning of September, it is still about 7 times that of Bitcoin.
This shows what? According to Bitcoinist's report, BTC is the general trading name of Bitcoin, and some traders may try to manipulate the market by artificially increasing the search volume of BTC to create the illusion that investors' interest is greatly increased. They can use algorithms to perform data mining on the laws of BTC search volume and price trend changes, and set up trading robots to build positions and execute transactions according to algorithms.
On the other hand, the low search volume of Bitcoin also shows that the encryption market still seems to be a game of stock funds, and the off-site heat is still in a downturn.