The recent surge in searches to buy Bitcoin highlights the growing curiosity and interest in cryptocurrencies on a global scale. Data from Google Trends shows a massive increase in search volume for “buy Bitcoin” worldwide. This is partly driven by the cryptocurrency’s recent rally.
• Increased searches and interest in Bitcoin
• US search volume increased by more than 250 percent
• Speculation about Bitcoin spot ETF by BlackRock in the USA
Global searches for Bitcoin are skyrocketing
The rising curiosity is fueled by Bitcoin’s recent price surge. Bitcoin’s price has risen nearly 25 percent in the last 30 days, sparking fear of missing out (FOMO) among investors worldwide, BTC-ECHO reports. Specifically, the question “Is now a good time to buy Bitcoin?” It is also said that this has also been 110 percent more common in the last seven days.
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The impact of interest can be clearly seen in different regions of the world. In the UK, for example, search volume increased by 826 percent over the period examined, and in the USA by more than 250 percent. Additionally, there is also a significant increase in specific search queries.
The query “Can I buy Bitcoin at Fidelity?” recently rose by an impressive 3,100 percent, and searches for the “BlackRock Bitcoin ETF” increased by 250 percent. This suggests that investors are not only interested in buying Bitcoin in general, but also in the various ways to invest in Bitcoin, as BTC-ECHO reports. But why did Bitcoin suddenly rise so strongly again?
Three reasons for the rise in Bitcoin price
“THE STANDARD! names three reasons for the sharp rise in Bitcoin in recent weeks. One of them is the rumors about the introduction of a Bitcoin spot ETF by the financial investor BlackRock in the USA. The expectation of a Bitcoin exchange-traded fund, especially one Spot ETF that allows direct investment in Bitcoin is seen as an important step towards further distribution and acceptance of Bitcoin as a digital currency, it said.
In addition, the market mood was influenced by a report from the crypto portal Cointelegraph on October 16th, which spread rumors that the Bitcoin ETF had already been approved by the US Securities and Exchange Commission (SEC), as DER STANDARD further reports. Although the report later turned out to be false, the market reacted positively and the Bitcoin price briefly rose by more than five percent.
BlackRock’s application to launch a Bitcoin ETF remains open, and the exact date of the SEC’s final decision is unknown, it said. This scenario has also motivated other financial players such as Fidelity, Wisdomtree and Van Eck to submit similar applications, according to DER STANDARD.
Aside from ETF speculation, increased market volatility is also seen as a factor in the rise in Bitcoin prices. Salah-Eddine Bouhmidi of broker IG notes that Bitcoin, although not a safe investment, has regularly benefited from increasing volatility in the past. The current uptrend could therefore also be a reaction to the uncertain market environment, which is prompting investors to explore alternative asset classes.
Finally, the upcoming halving is seen as another possible catalyst for the price increase, as DERSTANDARD concludes. During halving, the amount of all newly created Bitcoin is automatically halved, and the next halving is scheduled for April 2024.
D. Maier / editorial team finanzen.net
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