Baidu, the domestic search engine of the world’s most populous state China, has reported that the online searches for cryptocurrency has increased significantly. A Cointelegraph report has mentioned that Baidu reported a noticeable jump in searches for Bitcoin increasing by 183% over the past month. People who are looking for information related to the crypto market also shot up in a major development.
The main reason for this could be COVID-19 fears and people working from home resulting in the bump in the online searches. The Baidu index has shown that the average value of the Blockchain index in one month is 6,065 which is a year on year increase of 28%. The Ethereum search index also was 5,068 which is a 26% year-on-year increase.
This sudden spurt in the value of cryptocurrency is the result of the global meltdown with people increasingly using it as a safeguard hedge against banks.
Google has no functionality in China as it is blocked there. But, citizens all across the world are showing great interest in the crypto market. The Google United States results for BTC has shown sharp increases over the 30-day high period. This was immediately after the cryptocurrency market witnessed a huge drop in 7 years when $1 billion worth of longs were liquidated.
With people resorting to lockdowns and social distancing a lot of people are connected on online platforms and they have taken immense interest in Bitcoin like never before. But in the trends, it is very clear there way too many buyers compared to sellers as the users want to take advantage of the falling value of the currency.
The USA has reported several cases of Corona and with people in bigger cities advised to stay indoors, there are many who are washing their hands off work. The bitcoin traders have now got to liquidate some portion of their holdings in order to cover the regular expenses yet the trends show that people are buying.
When the crisis came, Bitcoin also became unstable but now the price of BTC also has stabilized but no one can deny that the crypto market also is as volatile and vulnerable as other traditional forms of markets that trade with demand-supply factors.
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