Don’t worry – this time, news is coming from China unrelated to the coronavirus outbreak.
With so many people around the world working from home, social distance and quarantining themselves after potential exposure to COVID-19, online searches around cryptocurrencies have become a bump.
According to an available report, the Chinese search engine Baidu has made a significant leap in its searches for “Bitcoin” (BTC). The data index shows that searches for BTC have increased by 183% in the past thirty days, while the number of people searching for information about the cryptocurrency on mobile devices has also skyrocketed.
The interest may be related to the theory that a global economic crisis may lead to a growing value for the cryptocurrency as a hedge against the banks.
With Google currently blocked in China, Baidu is one of the most popular search engines. However, Chinese netizens are not the only ones with a growing interest in the crypto market.
Google’s search results for BTC in the United States peaked at 30 days on March 13. This was shortly after the cryptocurrency experienced its biggest daily decline in the past seven years, when more than $ 1 billion in longs were liquidated.
With much of the world’s population connected more than ever, it is not surprising that many have expressed an interest in Bitcoin. However, the number of search results related to buying the cryptocurrency is significantly higher than those seeking to sell it.
This data is somewhat unusual in that many Americans in larger cities are advised to protect their place, with some losing their jobs completely. Bitcoin traders may need to liquidate at least part of their holdings to pay for the daily expenses, yet it seems that many want to buy more.
The crypto market has shown that it can be as volatile as traditional when the global economy is facing a pandemic. However, the price of BTC has stabilized after the crash two weeks ago, and traders may want to buy while the price is low.