The collapse in the price of Bitcoin has led to renewed speculation about the end of the leading cryptocurrency in the world- as mentioned by recent Google trends. The Google searches for BTC dead went on to pike in the week ending Friday- that is the 18th of June- and then likely reached the highest level which was on record.
Google Trends usually tracks interest in a search term over time, where it assigns scores of 1 to 100- based specifically on the total number of user queries. The data are always anonymized, and then further categorized by topic, and finally aggregated based on the location supplied.
Bitcoin Dead Hits The Top Of Google Searches
Bitcoin dead went on to achieve a score of 100 which took place for the period between 12-18 June which was based specifically on the preliminary data that was reflected by the dotted line. The last time the search query reached a score of 100 was in December 2017 or around that time.
The search results on Google do reflect a lot of the anxiety that has been felt in the cryptocurrency markets following several weeks of relentless selloffs in the asset prices. The downward spiral of Bitcoin, currently in its seventh month, could have been triggered by the massive shift in the policy of the Federal Reserve which has further placed downward pressure on most of the risk assets. The implosion of the ecosystem of Terra and the related contagion effects have also been major contributing factors.
Goes without saying, most of the mainstream media outlets have been predicting the demise of Bitcoin for quite some time now- and the pundits have been cheering with the latest evidence in the market.