‘Bitcoin Is Dead’ Google Searches See 12-Month Spike: Is Bitcoin Really ‘Dead’?

Over the past 12 months, interest in Bitcoin, the world’s leading cryptocurrency, has increased, with BTC experiencing dramatic price swings marked by all-time highs and significant corrections.

Despite the current growing instability of the asset, curiosity about the cryptocurrency’s next price move has sparked renewed interest. The drop in BTC prices is fueling rumors about the “death” of the leading cryptocurrency, according to Google search patterns.

According to the obituary list, BTC has “died” 15 times this year, with the most recent obituary published on June 18 proclaiming that “Bitcoin will never recover.”

Suggested Reading | BTC is safe and will grow, says Salvadoran president, while calming the nerves of his people

Table of Contents:

  • People want to know what is happening with Bitcoin
      • “The last three consecutive days have seen the highest US dollar loss in bitcoin history…approximately $7.32 billion in BTC losses were blocked by speculators using coins purchased at higher prices.”
  • Bitcoin is NOT “dead”?

People want to know what is happening with Bitcoin

Data from Google Trends indicates that the search term “Bitcoin is dead” will reach an all-time high this week.

Google Trends monitors the popularity of search phrases over time, assigning scores between 1 and 100 based on the total number of user queries. Data is anonymized, categorized by topic, and consolidated by location.

Bitcoin reclaimed the $20,000 level, sparking speculation of a gradual recovery. Image: Storm gain.

According to analytics firm Glassnode, BTC losses over the past three days have been substantial.

In its findings, Glassnode said:

“The last three consecutive days have seen the highest US dollar loss in bitcoin history…approximately $7.32 billion in BTC losses were blocked by speculators using coins purchased at higher prices.”

The popularity score for the keyword “Bitcoin” in Google search reached a 12-month high of 100. Notably, the increase reflects a 35% increase from the week ending June 27, 2021, when the score was 74.

After weeks of relentless declines in asset prices, Google search results represent the peak of concern for crypto markets. The dramatic tightening of monetary policy by the Federal Reserve may have contributed to the downward trajectory of cryptocurrencies.

The disintegration of the Terra network and the resulting domino effect also contributed to it. Due to unfavorable market conditions, rumors have spread that major players in the industry, such as Celsius and Three Arrows Capital, are close to insolvency.

Total BTC Market Cap at $403 Billion on Daily Chart | Source: TradingView.com

Bitcoin is NOT “dead”?

Additionally, the list of obituaries posted on 99bitcoins.com suggests that Bitcoin has recorded its 15th death of the year. Peter Schiff, an economist and gold enthusiast, wrote the obituary via Twitter.

Meanwhile, Bitcoin rallied back towards the $20,000 level, sparking speculation of a gradual recovery.

At the time of writing, BTC was trading for just over $20,000, up nearly 6% from the previous 24 hours, while several altcoins also rallied.

Suggested Reading | Dogecoin surges 8% after Elon Musk tweets he’s buying the dip

Finbold Featured Image, Chart from TradingView.com

Share this:

  • Click to share on Twitter (Opens in a new window)
  • Click to share on Facebook (Opens in a new window)
  • Plus
  • Click to share on LinkedIn (Opens in a new window)
  • Click to share on WhatsApp (Opens in a new window)