The high rate of searches on “buy bitcoin” in Google before the split event
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Answer The high rate of searches on “buy bitcoin” in Google before the split event
There is only one week left before the third bitcoin mining reward split event, and coinciding with the approach of the event, the search rate for the phrase “buy bitcoin” in the Google search engine increased, and reached levels as high as those previously recorded in July 2019.
High search on “buy bitcoin”:
The search rate for the phrase “buy bitcoin” on Google increased to high levels not recorded since April 2018.
It can be said that the high search rate came at a time when the Bitcoin mining reward halving approached, the process that occurs once every four years and after which the Bitcoin mining reward is split in half.
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Historically, the price of Bitcoin has risen after the previous two halvings.
Thus, expectations of price hikes are high at the moment, which may prompt more attention.
The chart above also shows past occasions when the phrase “buy bitcoin” has been at similar levels since 2018.
It had previously happened in June 2019, when somewhat unsurprisingly, this was the month when Bitcoin reached its 2019 high of nearly $14,000. Since then, the price of Bitcoin has fallen.
Interest in and buying bitcoin goes in parallel with the price of bitcoin, where in mid-March 2020, when the price of bitcoin fell to annual record levels, the search for buying bitcoin also increased.
June 2019 and March 2020 are prime examples of extreme volatility in either direction drawing attention to the primary digital currency in the crypto market.
note:
Many sites monitor and report the high volume of searches for the term “bitcoin” on Google, but the term “buy bitcoin” is more correct, which draws the goal of the search process opposite the term “bitcoin” only, which can carry several connotations.
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Despite the recent growth of interest in buying bitcoin, it is still little compared to the large volume of searches that are done on Google, but this can also be viewed more positively and say that many audiences did not reach the crypto market and the bitcoin arena.
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