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- Baidu is seeing a new monthly low in searches for Bitcoin although the prices for the famous cryptocurrency seem to be on an uptrend.
- The current search volume on China’s largest search provider sees a monthly low especially when the prices of Bitcoin have entered a bullish market as of today morning.
- The current downtick for Bitcoin searches might be attributed to the recent Coronavirus outbreak in the country.
Chinese largest technology company Baidu is seeing a new monthly low in searches for Bitcoin although the prices for the famous cryptocurrency seem to be on an uptrend. Search volumes for cryptocurrency and social media perception have definite determiners of market sentiment and have shown a strong correlation in the past to market prices of these cryptocurrencies.
Therefore it seems confusing at first to see why the current search volume on China’s largest search provider sees a monthly low especially when the prices of Bitcoin have entered a bullish market as of today morning.
The current downtick for Bitcoin searches might be attributed to the recent Coronavirus outbreak in the country. The virus outbreak that began in the Wuhan district of China has spread itself widely across the country with nearly 70 cases alone confirmed in the capital city, Beijing.
The outbreak occurred during the Chinese Lunar New Year when lots of people travel home to spend time with friends and family, a time during which Bitcoin volatility usually expected to occur due to more people buying gifts using Bitcoin.
But the virus outbreak has delayed Lunar New Year celebrations but has brought the country into a state of constant vigilance which might be an indicator of why the searches for Bitcoin have dropped in this unfortunate time.
Bitcoin prices have been on a downtrend over the past week as it traded downwards till $8,271 on 4 January and then picked up quickly during the final trading hours of 26 January and is currently trading at $8,775 as of press time.
Bitcoin prices reached a strong high breaking $9,000 on 19 January, and market analysts expect the expenses to keep rising and reach $50,000 by the end of the year.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
