Can Google Search Trends Influence Bitcoin Price?April 8, 2022
As the cryptocurrency frenzy continues to grab the market, one can witness a similar situation in the online world too. The number of people searching for cryptocurrency-related information and news online has witnessed a significant surge. Whether it is Bitcoin’s current value or present TRX to INR figures, similar searches are skyrocketing and directly or indirectly influencing the cryptocurrencies’ prices. One such cryptocurrency that is heavily influenced by the recent Google search terms or trends is Bitcoin. Don’t believe us? Read till the end to know how simple Google search trends are influencing Bitcoin’s prices.
Google Search Trends Influencing Bitcoin Prices
Studies show that Google search trends can have an impact on Bitcoin’s price fluctuations. Despite a worldwide pandemic, the recent crypto market boom has gained global attention. This has led to a quick and sudden influx of investors and startups in the crypto market. Crypto giants are creating educational content for their platforms and launching TV shows. They also use social media to educate people about crypto assets like Bitcoin.
Bitcoin is one of the most popular cryptocurrencies on social media platforms. Regular users of social media platforms will be aware of the popularity of Bitcoin. Some may even follow the news religiously to gain more insight into crypto’s market movements. According to crypto analysts, a recent study has shown that social media can promote cryptocurrency and also help market price fluctuations. Bitcoin can also be responsible for this phenomenon. Experts believe that Google search trends and social media platforms are primarily responsible for Bitcoin’s volatility. This concept has been the subject of thousands upon thousands of searches. All evidence points to a correlation between Bitcoin prices and Google search trends.
Price surges are a sign of people’s interest. According to Semrush, experts found that increasing and decreasing volumes of Bitcoin-related Google search results have negatively impacted the performance of the cryptocurrency in the market. Although the study showed that search volume increased as BTC’s prices rose, it could also be the reverse, but both are interrelated.
Data also shows that the Bitcoin boom was preceded by an increase in Bitcoin-related Google searches trends. These phenomena are not explained technically by financial and economic theories. These concepts are relevant because the crypto market is heavily driven by investor sentiments. Investors who are not familiar with the market can search Google for the most popular cryptocurrencies and use social media platforms to make informed decisions about their investment strategies.
The Relationship Between Bitcoin Price and Google Search Trends
Bitcoin is a popular topic on social media and search engines. Individuals interested in cryptocurrency continue to be attracted to the term “Bitcoin” and eventually use Google to search for more information. According to Semrush data, Bitcoin, Bitcoin price, BTC to INR, and Bitcoin value are the most searched keywords according to search volume.
People are excited by the rising Bitcoin price and its terrifying volatility. This price trend was gathered from various news sources in different regions. Investors have also been more trustful in cryptocurrency due to the inclusion of BTC in financial institutions and product offerings. Individuals also search online for Bitcoin during times of financial crisis or geo-political tension, choosing it as a safe place to go, or as an alternative to fiat currencies. These tendencies were most prevalent during election hours in the US and demonetization in India.
The Final Words
During moments of controversy or curiosity, the number of Google searches for Bitcoins rises. This is a result of growing interest in Bitcoins and their popularity, which are driving the overall growth potential for the crypto market. The potential of Bitcoin and decentralized coins is attracting interest from people all over the world. Due to growing interest in digital assets and the controversies surrounding the market, investors will continue to join the market.
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