- Data from Baidu Data Index and Google show that the Bitcoin search volume on the Internet has increased by 183% over the last few weeks.
- Data also shows that there is growing interest in buying Bitcoin.
The Data Baidu index shows that there is a growing interest in Bitcoin. During the last few weeks, Bitcoin searches have increased by 183% on the Baidu search engine. The growth of this data comes at a time when Bitcoin and the entire crypto market has experienced one of its worst declines in history.
Increased interest in buying Bitcoin
On March 12, the price of Bitcoin fell from approximately $8,000 to $3,700. From March 8 to March 21, Google’s statistics are consistent with the Baidu Data Index. On March 8, Bitcoin searches rose significantly, from 29 out of 100 to 57, on March 14, and 55 out of 100, on March 21. During these days, the volatility on the crypto market due to the expansion of the Coronavirus (COVID-19) caused the aforementioned drop.
The last time Bitcoin showed an increase in its searches, according to Google, was in the week of June 15-23, 2019. At that time, the price of BTC rose to its yearly high. As can be seen in the following graph, when comparing the phrase “Should you buy Bitcoin” (Blue) against the phrase “Should you sell Bitcoin” (Red) you can see that there is more interest from people looking to buy Bitcoin. The rise of the first term had an exponential increase in the week of March 14 to March 21.
On the other hand, the search volume for Ripple and Ethereum has not increased as much as for Bitcoin. As reported by CNF, the crypto market has recovered slightly. Nevertheless, analysts agree that caution is advised, as the market remains very volatile, as a recent report from Fundstrat also noted.
The market’s recovery may also have been driven by the issuance of 700 million new Tether (USDT). During the crash, the demand for Tether as a hedge against Bitcoin volatility increased significantly. Ultimately, the pressure of new USDTs may have exerted an upward pressure on the Bitcoin and crypto market, similar to the printing of money by major central banks around the world to stimulate traditional markets.