The price of Bitcoin has surged this year and the leading cryptocurrency has provided healthy profits for traders.
Over the mid-year period, the price of Bitcoin had stagnated as the crypto asset struggled to break the $10,000 ceiling.
Over the past week, the price of Bitcoin has risen by $1,000. This price rise has been attributed to growing interest from the public that has been measured through a spike in online searches.
More people are searching for “BTC” on Google, and the markets interpret this as growing interest from the public.
Bitcoin is currently selling at around $10,800 from $9,400 a week ago. Some crypto analysts speculate that these Google searches may be a sign that Bitcoin traders are intentionally manipulating markets to increase the price of the cryptocurrency.
A sudden increase in search for Bitcoin
Google trends have picked up an increase in the number of searches for “BTC” since the 29th of August. These searches seem to follow a pattern, and they spike every morning around 6 am since the day the trend began. The searches have also been spread across many countries in the world, including the UK, Australia, the US, Brazil, and Russia.
History suggests that whenever there is an increase in the number of Bitcoin searches online, more investors begin to purchase the crypto asset.
In 2017, Bitcoin prices surged to $20,000 after there was a record number of online searches for the cryptocurrency. The current surge of searches have influenced the price rise markets are currently experiencing.
According to Anton Lucian, a cryptocurrency analyst, the latest online searches and subsequent price rise are strange, and market manipulation is the most likely source of these searches.
Glenn Goodman, a Bitcoin investor, explained that algorithms that control Bitcoin prices use data gathered through Google trends, and this then translates into price increase in crypto markets.
He added that these manipulations might be coming from hackers who buy Bitcoin before they send several BTC searches on Google’s search engine. These searches trigger a price rise for Bitcoin, and these hackers then sell the Bitcoin in their possession for a healthy profit.
Some geopolitical factors have indirectly pushed the price of Bitcoin upwards. Several investors perceive Bitcoin as a safe haven asset and to avoid losing their funds to the volatility on money markets, they have turned their attention to Bitcoin.
The US-China trade war and Brexit are the leading geopolitical conflicts that have benefited Bitcoin’s price. The Chinese yuan fell past 7 to the dollar last week, and many investors in China began dumping the fiat currency for Bitcoin.