July 22, 2024

The query "Bitcoin" leads in Google search: the rate of the cryptocurrency is growing again“/>

Request "Bitcoin" leads in Google search: cryptocurrency rate is growing again "/>
The word “Bitcoin” is most often searched on Google: the main cryptocurrency is growing again

October 26 main costcryptocurrencies grew by 30%, stopping ataround $ 9600. Analysts explained the rapid rise in Bitcoin prices by China's decision to legitimize blockchain technology. However, a number of experts believe that the initiative of the country's government with the development of Bitcoin has nothing in common. Nevertheless, residents of other countries have grown interest in the main cryptocurrency.

African: Bitcoin Interests More Than Kanye West's New Album

Unexpected results showed resource Google Trends.

Most often the word “Bitcoin” injected intosearch string for residents of African countries: Nigeria, Ghana, South Africa. Africa has already been half-jokingly and half-seriously called a state in which the period of official use of cryptocurrency will precede the introduction of credit cards. However, if you look at it without jokes, back in 2017 in South Africa, the Pick-n-Pay supermarket chain tested payments in Bitcoin.  

You can still pay for purchases with cryptocurrency today. The picture is complemented by a study by the Paxful platform: citizens of African countries make 17,000 transactions daily. 

In addition to African countries, the list of states wheremost often they enter “Bitcoin” the search string included Austria and Brazil. Interestingly, the main cryptocurrency caused more response than the release of the new album by rap artist Kanye West.  

Argentina: the main cryptocurrency has become insurance and an alternative to the dollar 

LocalBitcoins service divisiondemonstrated an increase in the Bitcoin exchange rate in the country to $12,000. Reason – The decision of the country's central bank (CB) to limit the purchase of the US dollar to $200 per month due to inflation of the Argentine peso. The information was tweeted by Jason A. Williams, co-founder and partner of Morgan Creek Digital. 

The initiative of the Central Bank of Argentina provoked residentsstates to trade cryptocurrency. Trading volume increased 2.5 times. The Central Bank of Argentina introduced a limit for 2 months, but residents of the country can continue to trade Bitcoin even after the measures are lifted due to the uncertain economic situation in the country. 

Analyst Tom Lee: Many factors contribute to Bitcoin growth

The co-founder of the analytics agency Fundstrat, Tom Lee, noted on Twitter what contributed to the increase in the value of Bitcoin. 

Thus, among the key factors the analyst namedrecovery of "bullish" trend in the cryptocurrency market, China's positive attitude towards blockchain technologies and the new maximum level of the S&P 500 index. All these positive signals influenced the growth of the price of the main cryptocurrency. However, for example, China’s decision to introduce blockchain technologies has not really changed the attitude towards the use of cryptocurrencies in general. The country continues to adhere to strict measures: ICOs and trading of digital currencies are prohibited here. 

At the time of writing, the price of Bitcoinamounted to $9,112.  The cryptocurrency is in a state of correction towards the $9,000 mark. Traders  inspired by world news, so they expect the next growth of Bitcoin. However, it is too early to make long-term forecasts.