More

    Are Investors Buying the BTC Dip? Google Searches for “Buy Bitcoin” Surges 70%

    • Google searches for term bitcoin has increased 88% during the second week of March
    • “BTC doesn't care. Unprofitable miners will just need to close down,” – analyst Bob Loukas

    Bitcoin price is back above $5,000, trying to recover while the stock market and gold are taking a serious hit.

    Amidst this drop in price, the interest in “Bitcoin” on Google has surged. On a scale of 0-100, Google Trend for the search term “bitcoin” has taken a sharp rise of 88%, going from around 40 to nearly 80.

    In late June last year, when the price of Bitcoin surged to a high of $13,900, the interest in Bitcoin surged only to keep dropping since.

    Source: Google Trends

    Similarly, the “buy bitcoin” term is also seeing a rise of 70%, to a level that was last seen in the last week of June 2019.

    With bitcoin price tanking as much as 64% from the 2020 high this past week, it makes sense people are turning to buy the dip. As Wikileaks founder Edward Snowden said, “This is the first time in a while I've felt like buying bitcoin. That drop was too much panic and too little reason.”

    Analyst Bob Loukas also shared with his 31.6k followers on Twitter that he “added 5.6BTC to my HODL #4yearJourney position overnight with a limit triggered.”

    Loukas explained that “It's not a “bottom call”. We're in a market panic, anything is possible,” adding “This is just an investment. A price I was conformable with for a technology/investment I want to hold long term. The two aligned, nothing more.”

    Order always gets restored

    Given the fact that Bitcoin at current levels has the miner's unprofitable, with coming halving that could cut down the block rewards into half, this would further put pressure on bitcoin miners and force them to exit the market and push prices lower.

    Moreover, bitcoin is following the stock market and the risky asset might not have found their bottom yet which could mean more pain ahead for bitcoin.

    However, Loukas said, “BTC doesn't care. Unprofitable miners will just need to close down. The same is true with every commodity.”

    That also won’t be anything new for Bitcoin as miners sell to cover operational costs and many have already sold because “it's about fiat anyway.” As miners exit, the hash rate of the network takes a drop and so does the difficulty and the network continues to produce bitcoin at the same pace.

    “In the end if they cannot make money, they shutdown, difficulty goes down, and order is restored,” Loukas said.

    Bitcoin (BTC) Live Price

    1 BTC/USD =$6,875.5711 change ~ 2.04%

    Coin Market Cap

    $125.86 Billion

    24 Hour Volume

    $6.42 Billion

    24 Hour VWAP

    $6.79 K

    24 Hour Change

    $140.3506

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,366FansLike
    2,784FollowersFollow
    4,136FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Galaxy Digital's Mike Novogratz: This Is The Year For BTC Or I Might ‘Hang Up My Spurs'

    Bitcoin proponent, Mike Novogratz is still “most excited” about the world's leading cryptocurrency but “if it doesn't go all out by the end of...

    National Internet Finance Association of China Warns Against Manipulative Crypto Exchanges

    The National Internet Finance Association of China(NIFA) has issued a warning for investors who have been associated with the crypto-verse about the growing risks...

    Cash is King in Coronavirus Ravaged Economy But Bitcoin is “Next in Line to the Throne”: Hedge Fund Manager

    Mark Yusko, the CEO at Morgan Creek Capital Management says coronavirus is unleashing a once in a lifetime downturn. Yusko appeared on CNBC’s “Trading Nation”...

    Bitcoin’s is Gold 2.0; Billionaire Chamath Palihapitiya Lays Out BTC’s Path Forward in Macro Backdrop

    In the latest episode of The Pomp Podcast, host Anthony "Pomp" Pompliano had Chamath Palihapitiya, the CEO of Social Capital as a guest who...

    Binance ‘Leak' Signals Possible Bitcoin Options Trading Launch On The Exchange

    The competition across cryptocurrency exchanges in the crypto derivatives markets is heating up to a boiling point as yet another big player hints at...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.