With many people across the globe now preferring to work from home, the social-distancing campaigns and self-confinement measures after the possible exposure to CoronaVirus, online searches revolving around digital currencies have surged.
According to a recent report, China-based search engine Baidu has seen a significant upsurge in searches related to bitcoin. The data indexes indicate that bitcoin-related searches ascended by nearly 183% over the last one month. Additionally, the number of crypto-related searches on mobile phones also rose.
The growth in bitcoin focus might be related to the conjecture that a worldwide economic calamity might result in a rise in the value of digital currencies as insurance against financial institutions.
Google is at the moment blocked in China leaving Baidu as the main search engine in the country. Nevertheless, the mandarin speakers are not the only ones with an increased interest in the most popular cryptocurrency.
On March 13, Bitcoin-related searches on Google in the United States reached 30 days high. This happened following the largest daily slump experienced by the cryptocurrencies market in seven years. About $1 billion in long-term investments were liquidated on that day.
Currently, the majority of the world population right now is operating indoors. The growing interest in digital currencies is not a big surprise during times of global uncertainties. However, the number of searches related to purchasing BTC, have hiked more than the number of searches seeking to sell BTC.
Somehow, this information is atypical as many people residing in the United States have been asked to confine themselves in their homes. Moreover, some have completely lost their jobs. Due to this, we should be seeing bitcoin traders cash out some of their BTC holdings; to fund their daily upkeep. However, we are seeing the majority of the people are seeking to invest more in bitcoin.
The digital currency market has revealed that it can be as volatile as the traditional markets when the world economy is battling a global calamity. Meanwhile, the price of bitcoin has stabilized following the meltdown two weeks ago. Investors could be looking to invest in BTC while the price is still not high.
You May Also Read.