Jeff Fawkes is a seasoned investment professional and a crypto analyst. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.
Bitcoin price experienced a slight fall under $6,000, despite the fact that people started to look more into what is going on in the sphere. The peak of searches comes on the 13 March, when BTC had one of the scariest falls in the last months.
Baidu is the largest search engine in China. They are aiming at competing with Google in the Asia Pacific region. Per the stats from a Chinese report showcased by Cointelegraph, Chinese people are looking into what is Bitcoin. The search request on Baidu grown by 183%, compared to the month’s beginning. Mobile traffic is rising too, showing that people are looking into the crypto-related information even when they are not working at the computer.
Per some experts, the global economic meltdown could be one of the primary reasons behind the Chinese interest in Bitcoin and blockchain. When every asset you know of starts looking like a very bad investment, even Bitcoin could attract people with relative ease. Because previously people thought that Bitcoin is some kind of a tricky scheme. That it is designed to pull the money out of the pockets. And that it is under the control and development of unknown people.
During the coronavirus attack on humanity, it appears that the stocks are the ‘same game’ as fiat or Bitcoin. Where the capitals could melt by half in less than a month.
No Wonder Chinese Investors Seek Bitcoin
Not only coronavirus makes people panic so they are buying/selling the stocks and cash in a rapid manner. It is also the desire to find out what’s going on on the Internet. Chinese people are a hard-working nation. They usually don’t sit at home all day, like some westerners are doing on holiday. China people always do something, but quarantine is forcing them to stay at home.
The scary perspective of losing the job temporarily made many of the young people search for ways to make money at home. Freelance mercenaries were doing that decade before the pandemic. So, in some way, they have nothing to lose. But people who work at the offices could lose a ton of cash in case coronavirus keeps the pace. It even may evolve into something new, before we even develop an effective cure.
Searching for Bitcoin, as well as crypto-related stuff, can help with remote work and savings, so here we go. In the U.S., Google searches are also peaking with the interest to Bitcoin. During the bloody Friday on March 13, the number of requests peaked very high. On this day, more than $1 billion in longs was liquidated on the market.
Bears Are All Around, But the Hope Is Not Lost
In the light of strong bearish trends ruling the classic market, it is strange that Bitcoin is not losing every day. Many of the holders have almost lost hope for a haven, as Bitcoin’s price fell sharply several times before March 13. In such conditions, it is good for Bitcoin that new people are keeping up the searches for information. While the weak hands who have been holding the currency are shaking off the coins, other ones are picking them almost at the ‘dip’.
At the moment of writing, Bitcoin is trading at $5 831. It means that over the last 24 hours, it has lost more than 7%.