Bitcoin Google Search has dropped near pre-March levels, suggesting that interest in the cryptocurrency may decrease despite its safe-haven potential amid the looming crisis.
08 April, 2020 | AtoZ Markets – Bitcoin is currently trading around $7,150 and is trying to recover to a higher level. Bitcoin has risen more than 2.5% as the price continues to rise against the US dollar. The reason for Bitcoin’s current strength is not entirely apparent at the moment. Besides, the global economy is under serious threat from Coronavirus, which is driving bears to dominate the bitcoin market.
Bitcoin Google Search Drops Due to Coronaviruses
Data from Google Trends shows that interest in bitcoins has gradually declined around the world to previous levels. This collapse was the result of the panic caused by coronaviruses and aggressive lockdown measures imposed by governments on all continents, including Europe, Asia and North America.
However, many were probably disappointed to see that the largest cryptocurrency also collapsed, losing half of its value. While the price of Bitcoin has recovered most of the losses, interest in the cryptocurrency continues to drop to pre-March levels, at least according to Google Trends.
However, Bitcoin will likely show itself as a safe haven soon when the prices of goods and services soar amid US dollar inflation. The Fed is now pumping money like crazy, and that portion of new money will soon be reflected in all prices. Bitcoin will also benefit from it.
Google Searches for Halving Surges
The next halving and growing interest from many new investors will support the cryptocurrency. Google searches for the next Bitcoin halving event have increased in recent months. It is possibly due to growing investor interest in this event which will cut cryptocurrency inflation in half.
According to data from Google Trends, interest in Bitcoin halving has grown rapidly since mid-2018. It had already surpassed the search interest seen in 2016, when Bitcoin suffered its second halving event. It noted that interest “is approaching twice the levels” than those observed in 2016.
Interest in Bitcoin halving increased earlier this year, as the date of the event approaches. The halving will see Bitcoin block rewards drop from 12.5 BTC to 6.25 BTC per block.
Binance CEO Changpeng Zhao thinks the halving has not yet priced in because inflation will drop as crypto space receives an influx of new users and investors. Others have claimed that the price has increased in the same way as hashrate because of the halving.
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