‘Bitcoin Is Dead’ Google Search Sign Up 12-Month Top – Is Bitcoin Really ‘Dead?’
Over the past 12 months, interest in Bitcoin – the world’s leading cryptocurrency – has increased, with BTC registering dramatic price fluctuations marked by an all-time high and major corrections.
Despite the assets’ current growing instability, curiosity about the cryptocurrency’s next price movement has triggered an increase in interest. According to Google’s search patterns, falling BTC prices are fueling rumors of the “death” of the major cryptocurrency.
Based on the obituary list, BTC has “died” 15 times this year, with the latest obituary published on June 18 proclaiming: “Bitcoin will never recover.”
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People want to know what’s going on with Bitcoin
Google Trends data indicates that the keyword “Bitcoin is dead” is expected to reach a record high this week.
Google Trends monitors the popularity of search phrases over time, assigning scores between 1 and 100 depending on the total number of user inquiries. The data is anonymised, classified by topic and consolidated by location.
Bitcoin has reclaimed the $20,000 level, sparking speculation of a gradual recovery. Image: StormGain.
According to the analysis company Glassnode, the losses to BTC in the last three days have been significant.
In its findings, Glassnode said:
“For the last three days in a row, it has been the highest realized loss in US dollars in the history of bitcoin … about $ 7.32 billion in BTC losses have been locked in by speculators using coins acquired at higher prices.”
The popularity score for the keyword “Bitcoin” on Google Search reached a 12-month high of 100. The increase especially reflects an increase of 35 percent from the week ending June 27, 2021, when the score was 74.
As a result of weeks of relentless asset price declines, Google’s search results represent the cryptocurrency markets’ point of concern. The Federal Reserve’s dramatic adjustment of monetary policy may have contributed to the cryptocurrency’s downhill.
The dissolution of the Terra network and the subsequent domino effect have also contributed. As a result of unfavorable market conditions, rumors have spread that major industry players, such as Celsius and Three Arrows Capital, are approaching insolvency.
BTC total market cap at $403 billion on the daily chart | Source: TradingView.com
Bitcoin is NOT “dead?”
In addition, the obituary list posted on 99bitcoins.com suggests that bitcoin registered its 15th death this year. Peter Schiff, a gold enthusiast and economist, wrote the obituary via Twitter.
Meanwhile, Bitcoin has once again regained the $ 20,000 level, sparking speculation of a gradual improvement.
At the time of writing, BTC was trading at just over $ 20,000, an increase of almost 6 percent over the previous 24 hours, while a number of alternative cryptocurrencies also recovered.
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Featured image from Finbold, chart from TradingView.com
