The falling Bitcoin price is fueling speculation about the demise of the largest crypto currency in the world, according to data from Google trends.
Is Bitcoin’s End Near?
Google searches for the search term “Bitcoin dead” spiked over the past week. Never before has there been more googling about the demise of the crypto currency. Google Trends tracks interest in search terms over time and assigns scores from 1 to 100 based on users’ total searches. The data is anonymized, categorized by subject and stored based on location.
The search term “Bitcoin dead” scored 100 points for the period between June 12-18 based on preliminary data shown by the dotted line. The last time the search query scored 100 was in December 2017. Then there was also a huge crypto crash. Google’s search results reflect the enormous fear that is prevalent in the crypto market after the massive price crash.
The downward spiral may have been caused by the Federal Reserve’s policy change, which has put downward pressure on risky assets. The collapse of the Terra ecosystem and its associated effects have also contributed to the negative sentiment.
Or will the crypto market never end?
The mainstream media has doomed Bitcoin many times over the years. Every time the price of the currency plummeted, journalists wrote that this was the end of the digital currency, but nothing could be further from the truth. After each crash, Bitcoin managed to come out stronger than ever. So there is a good chance that this will happen again.