Over the past 12 months, interest in Bitcoin – the world’s premier crypto currency – has increased, with BTC recording dramatic price fluctuations marked by an all-time high and large corrections.
Despite the asset’s present increasing instability, curiosity over the cryptocurrency’s next price movement has sparked a surge in interest. According to Google search patterns, falling BTC prices are fueling rumors about the “death” of the main cryptocurrency.
Based on the Obituaries list, BTC has “died” 15 times this year, with the most recent obituary being published on June 18 and proclaiming: “Bitcoin Will Never Recover.”
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Google Trends data indicates that the search term “Bitcoin is dead” is expected to reach an all-time high this week.
Google Trends monitors search phrase popularity over time, assigning scores between 1 and 100 depending on the total number of user inquiries. The data are anonymised, classified by subject, and consolidated by location.
Bitcoin has reclaimed the $20,000 level, sparking speculation of a gradual recovery. Image: StormGain.
According to analytics company Glassnode, the losses of BTC over the past three days have been substantial.
In its findings, Glassnode said:
“The last three straight days have seen the highest US dollar-denominated Realized Loss in the history of bitcoin… approximately $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. Notably, the increase reflects a 35 percent increase from the week ending June 27, 2021, when the score was 74.
As a result of weeks of unrelenting asset price declines, the Google search results represent the cryptocurrency markets’ apex of worry. The Federal Reserve’s dramatic adjustment in monetary policy may have contributed to the crypto’s downhill trajectory.
The disintegration of the Terra network and the subsequent domino effect have also contributed. As a result of adverse market conditions, rumors have spread that big industry players, such as Celsius and Three Arrows Capital, are nearing insolvency.
BTC total market cap at $403 billion on the daily chart | Source: TradingView.com
Moreover, the obituaries list posted on 99bitcoins.com suggests that bitcoin recorded its 15th death of the year. Peter Schiff, a gold enthusiast and economist, wrote the obituary via Twitter.
Meanwhile, Bitcoin has once again reclaimed the $20,000 level, sparking speculation of a gradual recovery.
At the time of writing, BTC was trading for slightly more than $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
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