After the cryptocurrency market rebounds Google search volume surged, Bitcoin prices in Turkey and Nigeria reach new all-time highs

Google Searches Surge as Cryptocurrency Market Rebounds, Bitcoin Prices in Turkey and Nigeria Reach Record Highs

Author: Shaurya Malwa, CoinDesk; Tom Mitchelhill, Cointelegraph

Translation: Felix, LianGuaiNews

In the past two weeks, the price of Bitcoin has sharply increased, breaking the $35,000 mark on October 24 for the first time since May 2022. Option trading activity has also reached near-record levels. According to TradingView data, Bitcoin has risen over 27% in the past two weeks.

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In the past two weeks, Bitcoin has risen by 27.9%. Source: TradingView

This increase in price seems to be closely related to the approval of a Bitcoin spot ETF, which many experts believe will trigger a new wave of institutional investor buying. Senior ETF analysts Eric Balchunas and James Seyffart believe that the probability of approval by January 10, 2024, is 90%.

The impact of this Bitcoin rise is not limited to the crypto industry, as there is data suggesting that its attractiveness to traditional sectors is also growing.

Bitcoin prices surge to all-time highs in Turkey and Nigeria

Although the trading price of Bitcoin in US dollars is 50% lower than its historical peak, it has reached new all-time highs in Turkey and Nigeria due to the depreciation of the national fiat currencies and overall economic instability.

Data shows that the surge in Bitcoin prices has led to record-breaking BTC to Turkish lira (TRY) and Nigerian naira (NGN) exchange rates. As of the morning of October 27, the price of Bitcoin against the lira was 9.6 million, and against the naira was 27.4 million. In local currency terms, Bitcoin has experienced a monthly increase of up to 30%.

According to CoinGecko data, local cryptocurrency exchanges have cumulatively traded $40 million worth of Bitcoin in the past 24 hours. This number may not include local users trading on global exchanges like Binance or Coinbase.

In contrast, the naira has depreciated against the dollar by 0.45% and 45% in the past month and six months, respectively, while the lira has depreciated by 2.9% and 31% in the same periods.

A study by the International Monetary Fund shows that inflation rates in Nigeria have risen by 25% compared to 2022, while inflation rates in Turkey have skyrocketed by 51%, leading to a significant decline in purchasing power of the lira and naira. Inflation may be boosting demand for Bitcoin in the market.

Bitcoin's exchange rate against the Turkish lira has surpassed its all-time high. (Source: Google)

In addition, the adoption rate of cryptocurrencies in Turkey and Nigeria is very high. According to a report by crypto analytics company Chainalysis in September, Nigeria is the second most active country after India when it comes to DeFi and crypto trading activities. Turkey ranks 12th out of 20 countries.

Google Searches Skyrocket

With the significant rise in cryptocurrencies, the Google search volume for the keyword “buy Bitcoin” has skyrocketed globally, with the UK seeing an over 800% growth in search volume last week. According to research by Cryptogambling.tv, the search volume for the term “buy Bitcoin” in the UK surged by 826% in seven days.

The search terms related to purchasing Bitcoin have surged globally. Source: Google Trends

A spokesperson for Cryptogamble.tv said, “In the UK, the significant increase in search volume for ‘buy Bitcoin’ combined with the recovery of the crypto market indicates a growing interest and potential impact of traditional financial institutions in the digital asset space.”

While the search volume from UK users is leading, the search volume related to buying Bitcoin has also significantly increased.

According to Google Trends data, the search volume from US users for “Should I buy Bitcoin now?” has increased by over 250%, while other keywords such as “Can I buy Bitcoin on Fidelity?” saw a 3100% increase in search volume last week.

The search volume for the keyword “Is now a good time to buy Bitcoin?” has risen by 110% globally in the past week. In contrast, the search volume for “BlackRock Bitcoin ETF” surged by 250%. This data showcases the general enthusiasm in the market for information related to the BlackRock spot Bitcoin ETF, which is currently awaiting approval.

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