A slump in bitcoin's price has reignited speculation over the leading cryptocurrency's demise, according to Google search trends.
Google searches for “bitcoin death” surged in the week ending Friday, June 18, perhaps to the highest level on record. Google Trends tracks interest in search terms over time, assigning a score on a scale of 1 to 100 based on the total number of user queries. Data is anonymized, disaggregated by subject, and aggregated by location.
According to preliminary data reflected by the dotted line, “Bitcoin Death” scored 100 points between June 12 and 18. The search result last scored 100 points around December 2017.
Global searches for “bitcoin death” spiked over the weekend. Searches for similar keywords such as "bitcoin is dead" also surged, but did not reach new peaks. Source: Google Trends
Google search results reflect anxiety about the cryptocurrency market at its peak after weeks of relentless sell-offs in asset prices. Bitcoin’s downward spiral, now in its seventh month, may have been triggered by a massive policy shift by the Federal Reserve, putting downward pressure on risk assets. The implosion of the Terra ecosystem and its associated contagion effects was also a contributing factor. The unfavorable market environment has also led to credible speculation that major industry players, such as Celsius and Three Arrows Capital, are facing bankruptcy.
The mainstream media has written hundreds of obituaries for Bitcoin over the years; their pundits have been cheering the recent market crash as proof that Bitcoin is not a viable asset. In 2021 alone, Bitcoin "died" 45 times - a year in which the digital asset hit new all-time highs multiple times.
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Catherine