Crypto dealers in China and the United States have shown more interest in buying Bitcoin than selling it. Searches on the Baidu and Google have increased in recent days.
Don’t worry, this time there’s news coming from China that’s not connected to the coronavirus outbreak.
With so many people around the world working from home, distancing themselves socially, and self-consciously after possible exposure to COVID-19, online searches for cryptomontages have been on the rise.
According to a report available to Cointelegraph, the Chinese search engine Baidu has seen a considerable jump in “Bitcoin” (BTC) searches. The data index shows that BTC searches have increased by 183% in the last thirty days, while the number of those searching for information on cryptomoney on mobile devices has also increased.
The interest may be related to the theory that a global economic collapse may lead to an increased value of cryptomoney as a hedge against banks.
Bitcoin searches also went up on Google
Because Google is currently blocked in China, Baidu is one of the most popular search engines. However, Chinese Internet users are not the only ones with a growing interest in the crypto-currency market.
Google search results for BTC in the United States had a maximum of 30 days on March 13. This was shortly after the crypt currency experienced its largest daily decline in the last seven years, when more than USD 1 billion was liquidated.
What Bitcoin’s online searches indicate
With a large part of the world’s population now more connected than ever before, it’s not surprising that many have taken an interest in Bitcoin. However, the number of search results relating to the purchase of cryptomoney are significantly higher than those seeking to sell it.
This data is somewhat unusual, as many Americans in large cities are being advised to take refuge there, with some losing their jobs altogether. Bitcoin dealers may need to liquidate at least some of their properties to pay for daily expenses, yet it seems that many are looking to buy more.
The cryptomarket has shown that it can be as volatile as traditional ones when the world economy is facing a pandemic. However, the price of BTC has stabilized after the drop two weeks ago, and traders may be looking to buy while the price is down.