Known to have a recursive effect whereby investors buy even more once they realise that a surge is related to anticipation, it seems likely that the arrival of futures – as well as the idea that this spelt greater instutional acceptance of crypto – was at play. Often colloquially known as “buy the rumour, sell the news” it’s not hard to argue that this type of phenomenon was a significant part of bitcoin’s stellar bull-run. This while by no means proving a causal link – nicely correlates with the change in bitcoin’s price recently – suggesting that anticipation of the SEC’s ETF decision might be playing a part.īy comparison – the search term “bitcoin futures” – widely believed to be a factor in the bull-run of late 2017, has remained very low this year – relative to its enormous December heights:Īs researchers from the San Francisco Federal Reserve and many have argued – the sudden fall in price following the introduction of bitcoin futures in December was unlikely a coincidence, with the Fed paper explaining it to be “consistent with trading behavior that typically accompanies the introduction of futures markets for an asset.”
With many suspecting that anticipation of the SEC decision regarding bitcoin ETFs (Exchange Traded Funds) is driving much of the current bullish price movement, it is interesting to compare Google trends data for related search terms.įirst and foremost, search interest in “bitcoin ETFs” has surged dramatically in July – almost approaching the numbers of last November and December’s enormous bull run – as can be seen in the title graph. Often in times of market movement, it can be instructive to look at what Google trends show about sentiments that might be driving a surge in the price of a cryptocurrency. And this act increases the search volume of any keywords and terms in search engines.Bitcoin has been on somewhat of a mini-bull run in the last two weeks – this week managing to break $8,000 for the first time since May. For instance, when a new news, post or a tweet emerges into the media platforms, users are very much eager to know more about them. Therefore, we easily understand that users always expect to work with new technologies and trends. Besides these two top cryptocurrencies, the trading aspects of other Altcoins has also created an urge and interest among the public users to know more about the crypto world. This happened on the same day on May 15th 2021. To be added, Ethereum miners earned a profit of $128.04 million beating the profit of bitcoin’s value $61.6 million. At that time the search volume of Dogecoin was recorded high. Dogecoin: Tesla CEO Elon Musk’s organized SNL night on May 8th to discuss the value of dogecoin.So Ethereum also gains high search volume along with cryptocurrency keywords. Additionally, it is Ethereum’s bull-run as it reaches its all-time high price for the first time. Ethereum: The price value of ETH reached above $4,300 in the same week, which created an urge among the viewer.More than 65% of users have searched for a combination of cryptocurrency and bitcoin in google trends. Bitcoin: The price value of bitcoin reached above $50,000 during the week of May 9- 15, where at the same time, search volume of cryptocurrency was also at its peak.So some possible reasons for the urge of crypto interest is, The search volume of cryptocurrency shows a wider view of users’ interest into the crypto space. The prominent truth behind the subject crypto is due to the interesting trading activities of main cryptocurrencies like Bitcoin and Ethereum. Crypto Search Volume (Source: Google Trends) Moreover, the searches can be initiated from audiences who are more interested in cryptocurrency and its trading platforms. The term “cryptocurrency” has triggered a curiosity among the users as crypto is emerging in all real-life applications. Google Trends tweeted a report showing that cryptocurrency holds more search quantity in recent times and reaches its all-time high (ATH) yet both in the U.S and worldwide. The search interest peaked during the week of May 9th- May 15th, due to the fluctuations of bitcoin value. Posted on (June 1, 2021), 8:39 pm by Jine Angel 1 year ago | 3 mins read MarketsĬryptocurrency reaches its highest level of search volume in Google trends.
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