Due to the sudden collapse of Bitcoin prices, the number of queries in Google on the topic struck a semi-annual maximum. The latest data from Google Trends shows a spike of interest in the topic of cryptocurrency after Bitcoin price has fallen by more than 30 percent. Now the weekly number of requests with the key “Bitcoin” higher than the April figures, when the rate of coin began to rise sharply from 7 to 10 thousand dollars.
Among the related queries now the most popular are the “Bitcoin is dead” and “HODL“. These indicators were recorded except in February, when the price ran down and fell below 10 thousand.
Media somehow revive it when the prices fall, thus trying to emphasize the “risks” associated with the cryptocurrency. It’s too bad, because bad advertising is also advertising. Thus, in view of price fluctuations on cryptocurrency and Bitcoin in particular to know more people.
Groping for the levers
Because the price of BTC throughout history have correlated with interest, traders on the agenda now is bullish trend reversal. It was assumed that the media can provoke a new flow of interest in December, which was the planned high-profile launch of the first regulated cryptocurrency platform for institutional investors Bakkt. Later, however, the representatives of the project said about the postponement of the launch on January 24, causing the price of Bitcoin continued to fall. Hope for a speedy reversal of the trend is also gone.
Parent company NYSE launches cryptocurrency branch
At the time of writing, the level of support for BTC remained at around 4 thousand dollars. While many traders have already been configured on bullrun in the medium term.
As written by Bitcoinist, even such cryptoanalyst, like Mike Novogratz of the Digital Galaxy and Tom Lee of Fundstrat say that now the trend is heavily dependent on new products like Bakkt.
It seems that until they build a bridge between cryptosphere and institutional investors, we will be in limbo. More data look at cryptodata.
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