The Chinese are starting to get interested in Bitcoin after rising its price

The statistics of search queries to the Chinese search engine Baidu shows that the interest of local users to a Bitcoin is heavily dependent on the price of the cryptocurrency. By the way, Google also has been an interesting trend — according to Google Trends, the query “BTC” is much more popular search phrase “Bitcoin“.

Today Bitcoin is trading at 10 030 dollars a day and hovers near that mark. For the past day, the coin is virtually unchanged in price, while its share in total market capitalization dropped to 67.9 percent.

Who are interested in Bitcoin?

The graph below shows the number of search queries Baidu regarding Bitcoin. As you can see, spikes interest in bitcoin coincides with her sudden rise in price. For example, one of the local peaks of the graph converges to the beginning of April. It was then that Bitcoin began to grow rapidly, and for the first time in a very long time broke above the level of $ 5,000.

Source: Bitcoinist

High on the chart at this scale coincides with the local rally BTC in early summer. In June, the price of the coin reached the annual maximum on line 13 800 dollars, but then gradually began to descend.

In General, the interest in Bitcoin among the Chinese is in the stage of stable growth. But in Google Trends the number of search queries of bitcoin began to fall from the moment it reaches its annual maximum. By the way, in the world’s largest search engine most often are looking for is BTC, not Bitcoin. Why?

Source: Bitcoinist

Some experts suggest that intervened in the case, the traders trying to manipulate the market. They are trying to artificially increase the relevant search queriesthat they responded algorithms certain trading bots, configured to operate based on the popularity of Bitcoin.

This pattern of behavior is characteristic not only for residents of China, but also other regions. Usually about substantial growth of exchange rate of Bitcoin are beginning to tell the media, therefore, the niche comes a lot of beginners who do not understand the subject. Hence, such requests.

What do you think about this? Share your opinion in our cryptodata millionaires!


Leave a Reply

Your email address will not be published. Required fields are marked *