Prominent Crypto Analyst: China’s Baidu Search Interest in Correlation with Bitcoin Price Rise


The Chinese government may have stifled crypto companies, but that has in no way stopped the people of China from investing in Bitcoin (BTC).

Alex Kruger, an economist and cryptocurrency trader, did some research on the BTC market and concluded that the theory that China may have caused some of the surge in BTC price in May when it saw a growth of about 60%, might be true.

This month hasn't shown any significant gain as Bitcoin price has dropped with over 7% in the last 24 hrs.

In a thread of tweets, Alex Kruger explained what he discovered ongoing through Baidu (China's Google) to seek answers.

Fear of Yuan Crumbling

The fact that during Bitcoin’s bull run last month coincided with BTC topic trends on Baidu, shows that the people of China amidst fears of their local currency falling due to US/China trade war have turned to BTC or USD to hedge their assets.

Dovey Wan of Primitive Ventures noticed this trend earlier in a tweet:

Baidu BTC Trend Rise Parallel To BTC Price Rise

In support of this Baidu/BTC theory, Alex Kruger pointed out that the increase in Bitcoin searches on Baidu ran parallel to the performance of the crypto asset even in April. In May, this trend became even more glaring as this Baidu/BTC searches increased as the price of Bitcoin (BTC) rose from $6,000 up until it hit its present 2019 peak at $8,350.

Kruger said:

“Interest in bitcoin spiked either after price breakouts or during breakouts.”

He added that Baidu and Google had similar Bitcoin trends, stating:

“Both interest in bitcoin in China (as measured by Baidu Trends) and in the World (as measured by Google Trends) increased similarly and on the same dates (note: dates adjusted by time zone).”

“Bearish Divergence”

He however noticed a “bearish divergence” that happened around mid-may. He tweeted

However, Bitcoin searches on Baidu are looking good again as they were when BTC was priced at $6,000, but “buy Bitcoin” trends on Google have dropped since 31st of May.

Bitcoin (BTC) Live Price

1 BTC/USD =$50,978.8682 change ~ 7.37%

Coin Market Cap

$950.45 Billion

24 Hour Volume

$19.12 Billion

24 Hour VWAP

$50.44 K

24 Hour Change

$3,758.84

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