More

    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 =$8,902.0672 change ~ 3.61%

    Coin Market Cap

    $161.89 Billion

    24 Hour Volume

    $5.76 Billion

    24 Hour VWAP

    $8.76 K

    24 Hour Change

    $321.2419

    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

    3,267FansLike
    2,734FollowersFollow
    4,093FollowersFollow

    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Swiss Private Banking Giant Julius Baer Adds Digital Asset Trading And Crypto Custody Services

    The major Swiss wealth management and private banking group Julius Baer just launched, in partnership with Seba, its new custodial and trading cryptocurrency services. The...

    Iran's Ministry of Industries, Mining, and Trade Grant More Than 1,000 Crypto Miners Licenses

    Iran is regulating crypto miners after a new licensing regime has been introduced by the country’s government. According to an official representative from the Iranian...

    CME Gaps for Bitcoin Price Fill over 95% of the Time: Research

    CME Gaps are popular topics that frequently get talked about in the crypto market, which usually has seen Bitcoin dumping. These Gaps occur because unlike...

    The Upcoming Cut in Bitcoin Supply Means Zero for BTC Price Says, Analyst

    Searches for bitcoin halving on Google Trends on an uptrend “Makes no sense” to discuss if the halving is priced in says economist...

    WEF's New Global Consortium To Focus On Cryptocurrency Governance Framework

    The World Economic Forum (WEF) has announced the creation of a global consortium which will come up with a governance framework for all cryptocurrencies...

    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.