Crypto traders in China and the United States have shown more interest in purchasing Bitcoin than selling it.
Don’t worry — this time there’s news coming out of China that isn’t connected to the coronavirus outbreak.
With so many people around the world working from home, social distancing, and self-quarantining after possible exposure to COVID-19, online searches surrounding cryptocurrencies have gotten a bump.
According to a report available to Cointelegraph, the Chinese search engine Baidu has seen a considerable jump in searches for “Bitcoin” (BTC). The data index shows searches for BTC increased by 183% over the past thirty days, while the number of those looking for information on the cryptocurrency on mobile devices also shot up.
The interest may be related to the theory that a global economic meltdown may lead to a growing value for the cryptocurrency as a hedge against the banks.
Searches for Bitcoin also up on Google
With Google currently blocked in China, Baidu is one of the most popular search engines. However, Chinese netizens aren’t the only ones with a growing interest in the crypto market.
Google search results for BTC in the United States had a 30-day high on March 13. This was shortly after the cryptocurrency experienced its biggest daily drop in the last seven years when over $1 billion worth of longs was liquidated.
What online searches for Bitcoin indicate
With a large portion of the world population now more plugged in than ever, it’s not surprising many have taken an interest in Bitcoin. However, the number of search results regarding buying the cryptocurrency are markedly higher than those seeking to sell it.
This data is somewhat unusual as many Americans in larger cities are being advised to shelter in place, with some losing employment entirely. Bitcoin traders may need to liquidate at least some of their holdings to pay for everyday expenses, and yet it seems many are looking to purchase more.
The crypto market has shown it can be every bit as volatile as traditional ones when the global economy is dealing with a pandemic. However, the price of BTC has stabilized following the crash two weeks ago, and traders may be looking to buy while the price is low.