Bitcoin Searches on Google, Baidu, & WeChat Jumps over 200%

  • An increase in the internet searches for the term blockchain is much higher than bitcoin

On Oct. 25, Bitcoin price took flight, going from around $7,300 to $8,600 level that further continued the next day when it jumped to as high as $10,600. This surge marked the 3rd largest one day gain in Bitcoin’s history.

As Bitcoin jumped to early September level, after dropping to the 5-month low, the interest in Bitcoin also edged up.

Economist and trader Alex Kruger shared on Twitter that Bitcoin internet searches on Google, Baidu, and WeChat have seen a spike of 233%, 200%, and 145% respectively.

This spike in internet search is the result of price and not the other way around. However, an increase in the internet searches for the term blockchain is much higher.

On Oct. 23, the term blockchain saw 77k searches in comparison to Bitcoin’s 572k on WeChat. But two days later, on Oct. 25, these figures changed drastically, as while Blockchain registered 9.2 million searches, the term Bitcoin accounted for only 1.3 million, as per the data provided by Cole Kennelly.

Baidu searches for Bitcoin and Blockchain, Source: https://twitter.com/krugermacro

This is because of China’s latest move towards blockchain technology. President Xi Jinping recently talked about seizing the opportunity and take the “leading position” in the emerging field of blockchain technology.

Then as we reported, China passed a new law to regulate cryptography that will be implemented from January 2020.

Detailing the Price Action

But how did the interest in blockchain transferred to Bitcoin? Kruger explains that Xi Jinping endorsing blockchain had investors buying Bitcoin as “many in China associate blockchain with bitcoin.” Now, speculators speculate on that and front-run it or use the news to drive price.

This, Kruger says is just like the fake China macro hedge narrative, further explaining that there was no actual hedging going on, just speculation on such hedging that drove prices up.

But, “this narrative has more weight than the macro one, as odds of it creating mainland flows are higher,” he added.

Nic Carter, founding partner of Castle Island Ventures also found fault in this narrative as he says, “Much of the time it’s a big ol fund no one has heard of liquidating /buying in.”

Dovey Wan, the founding partner of Primitive Ventures, further provides an insight into the price action.

The CCP meeting where Xi gave the talk was held on Oct. 24 which was broadcasted to the billions the next day.

As a result, WeChat, where mostly industry people come to know about news on first hand, saw a significant spike in Blockchain but Bitcoin didn’t saw a hike until the next day. Baidu, which is usually visited by newbies, saw an increase of 1300% in Blockchain surpassing BTC.

“The Blockchain shill from Xi definitely helps Bitcoin awareness as well, the two concepts are interrelated, hard to isolate one from each other,”

she said.

Live Bitcoin (BTC) Price:

1 BTC/USD =$9,263.1825 change ~ -0.07%

Coin Market Cap

$170.73 Billion

24 Hour Volume

$2.51 Billion

24 Hour VWAP

$9.25 K

24 Hour Change

$-6.9321

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 two years now. Before her blockchain beginnings, she 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

3,478FansLike
2,795FollowersFollow
4,199FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

The Good and Bad of the Crypto Going Public

This week, big news came in the form of crypto businesses that are planning to go public either later this year or next year. Crypto...

US Secret Service Has Modernized Its Role in Tackling Financial Crimes in The Crypto Era

The role of the US Secret Service, whose purpose extends from protecting the US President Trump to protecting the US financial systems, has...

Bitcoin is in a ‘Consolidation Zone,' We’ll Move to $14,000 Once BTC Gets Above $10k: Mike Novogratz

Bitcoin is about system change, said Mike Novogratz, CEO of Galaxy Digital, in his latest interview with Barron’s Carleton English. While talking about the catalysts...

Volvo Invests In Blockchain Traceability Startup Circulor To Track Cobalt Supply Chain

Volvo Cars Tech Fund, a subsidiary of Volvo, announced its investment in blockchain traceability firm Circulor on July 8. The popular carmakers have used...

Blockchain Developer Platform Releases Alchemy Build, A Tool Suite for Faster Production

Alchemy, a blockchain startup, focuses on building developers' tools to help them become more productive and focus more on actual product development. The blockchain...

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.

Start Using Crypto Today