Google searches for “Bitcoin” have dropped to levels not seen since October 2020, when Bitcoin was priced at around $10,000.Īt the time of writing, BTC was trading at $26,834.57, down 1.12% in the last 24 hours. The decline in search interest is most noticeable when it comes to Bitcoin BTC/USD. This also corresponds to exchange volumes which were at 32-month lows this past May,” he tweeted. “Crypto search trends are at the lowest point they have been since December 2020. Turner suggests that the fall in interest is related to a bear market in cryptocurrency. What I want to do here is to predict the Bitcoin Price (Weighted Price) based on the Google Trend Score by building Linear Regression model. This is confirmed by Google Trends data, which record a peak for the search phrase Bitcoin is Dead. The general market sentiment is totally negative. The lower interest in cryptocurrencies also coincides with lower trading volumes on exchanges according to Guy Turner, also known as “Coin Bureau Guy,” trading volumes have reached a 32-month low. Google Trends records a new peak for the search query Bitcoin is Dead Google Trends chart for Bitcoin is Dead searches. Google Trends offers real-time data and can be a powerful resource for tracking and analyzing search trends across a wide range of industries and topics. It can aid in identifying emerging trends, validating market demand, conducting competitor analysis, and informing content strategies. The tool can be valuable to gain a deeper understanding of public interest and search behavior. We show that information transfer between Google Trends and daily returns is found to be bidirectional and to last for up to six days. By analyzing the search patterns and trends, Google Trends enables users to understand the popularity of specific queries, track the rise and fall of interest in particular topics, compare search volumes across different regions or time periods, and discover related queries and topics. It provides insights into the relative search volume of specific keywords or topics and presents the data in the form of interactive graphs and charts. Google Trends is a web-based tool provided by Google that allows users to explore the popularity and interest in various search terms and topics over time. (2018) examined the influence of Google searches on cryptocurrency returns by utilizing the trading data of 268 cryptocurrencies over 181 days. This also corresponds to exchange volumes which were at 32 month lows this past May.Īpathy? /UPOmhNGeDN- Coin Bureau June 4, 2023 The relationship between Google trends data and the price of bitcoin is one which has been discussed as early as 2011 A recent study has demonstrated that price increases in bitcoin drive. "Crypto" search trends are at the lowest point they have been since December 2020.
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