The "public opinion war" of the dealer? BTC's Google search volume is 7 times that of Bitcoin

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."

Bitcoin-3741105_960_720_gaitubao_500x300

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.

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.

EE8MKZaXsAAkklV

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.

EE8MJloXoAEvrPd

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.

Screenshot_2019-09-21-Google-Trends

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Will NOVA be the next Pepe? Analysis from the perspective of trading techniques.

"Ten years of speculation in cryptocurrency can all be in vain, but a successful gamble on meme can make you live in ...

Market

Interview with Circle CEO by Fortune What role does stablecoin play in the cryptocurrency market?

This article discusses the differences between the cryptocurrency crash in 2022 and the late 1990s internet bubble, t...

Blockchain

Beginner's Guide | Why choose a highly liquid exchange?

Source: Medium Translation: First Class (First.VIP) Liquidity is the most important concept that everyone needs to un...

Blockchain

The exchange is robbing the tokens, all of which are behind the interests.

Since 2019, with the launch of the first issue of the currency-raising (IEO), the “project-side tokens have be...

Opinion

Web3 Public Legal Education | Why is it best for blockchain startups to not issue tokens?

If traditional internet entrepreneurship is considered a high-risk endeavor, then starting a business in blockchain i...

News

Investment tips for the next bull market: In-depth analysis of the development status and trends of 15 cryptocurrency tracks

Following the regular industry cycle pattern, the bear market has passed halfway. The Ethereum upgrade has brought ab...